Sierra Wireless Completes Acquisition of the M2M Group
January 07 2020 - 7:32PM
Business Wire
Sierra Wireless, Inc. (“Sierra Wireless”) (NASDAQ: SWIR) (TSX:
SW), the leading IoT solutions provider that combines devices,
network services and software to unlock value in the connected
economy, today announced that it has completed the previously
announced acquisition of the M2M group of companies (“M2M Group”)
in Australia. Total cash consideration paid to the shareholders of
the M2M Group was US$19.6 million (US$17.0 million, net of cash
acquired) plus approximately US$1.1 million for the retirement of
certain obligations, subject to normal working capital
adjustments.
The M2M Group is focused on IoT connectivity services and
cellular devices in Australia, and the acquisition expands Sierra
Wireless’ IoT solutions business in the Asia-Pacific region. The
business is an excellent strategic fit with our IoT Solutions
business with slightly more than half of the M2M Group’s revenue
coming from subscription-based recurring revenue. The M2M Group’s
revenue for the 12 months ended November 30, 2019 was US$19.0
million, of which US$9.6 million was recurring subscription-based
revenue. This segment of the business has been growing rapidly over
the last several years. The M2M Group has a strong management team
and solid carrier relations in the region.
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT
solutions provider that combines devices, network services and
software to unlock value in the connected economy. Companies
globally are adopting IoT to improve operational efficiency, create
better customer experiences, improve their business models and
create new revenue streams. Whether it is an integrated solution to
help a business securely connect edge devices to the cloud, or a
software/API service to help manage processes associated with
billions of connected assets, or a platform to extract real-time
data to make the best business decisions, Sierra Wireless will work
with you to develop the right industry-specific solution for your
next IoT endeavor. Sierra Wireless has more than 1,300 employees
globally and operates R&D centers in North America, Europe and
Asia. For more information, visit www.sierrawireless.com.
Connect with Sierra Wireless on the IoT Blog at
http://www.sierrawireless.com/iot-blog, on Twitter at
@SierraWireless, on LinkedIn at
http://www.linkedin.com/company/sierra-wireless and on YouTube at
http://www.youtube.com/SierraWireless.
“Sierra Wireless” is a registered trademark of Sierra Wireless.
Other product or service names mentioned herein may be the
trademarks of their respective owners.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These forward-looking statements
relate to, among other things, plans, timing and other
expectations, intentions, and plans contained in this press release
that are not historical fact. When used in this press release, the
words "plan", "expect", "believe", and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, the
availability of qualified candidates and changing market
conditions. In light of the many risks and uncertainties
surrounding the wireless data communications market, you should
understand that we cannot assure you that the forward-looking
statements contained in this press release will be realized.
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version on businesswire.com: https://www.businesswire.com/news/home/20200107006135/en/
Kim Homeniuk Sierra Wireless Media Relations phone: +1 604 233
8028 pr@sierrawireless.com David Climie Sierra Wireless Investor
Relations phone: +1 604 321 1137 dclimie@sierrawireless.com
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