TCM.L Share News (TCM)

Machine-to-machine (M2M) wireless tech firm Telit Communications is to buy GPS modules and solutions group Navman Wireless OEM Solutions for $3m in cash."The acquisition of Navman's technology and its US-based executive engineering and sales staff will make Telit a major contender in the GPS market while providing an enhanced product portfolio for its M2M customers," Telit said.Telit hopes to take advantage of the potential within the GPS market in the coming years, with global shipments of GPS devices expected to grow at a compounded annual growth rate of at least 20% until 2013. According to RNCOS, shipments will reach 900m units by 2013, generating more than $70bn in annual revenue."Navman's reputation for delivering state-of-the-art GPS technology and the global reach of Telit's sales and marketing organization put us in a strong position to benefit from the growth in the GPS sector," said Telit's Chief Executive Oozi Cats.