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Novatel Wireless pays $64.5 Million to acquire Enfora
By siliconindia
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Tuesday, 09 November 2010, 02:49 IST
Bangalore: Novatel Wireless, a wireless broadband solutions provider is all set to take over Enfora, a wirelesws asset management solutions and machine to machine (M2M) communications provider. Novatel finalized the deal through the payment of approximately $64.5 million in cash, reports Robin Wauters of TechCrunchIT.
Novatel Wireless expects that the acquisition would add on to its non- GAAP earnings. Enfora has ben instrumental in enabling companies to access, analyze and leverage information from their distributed assets. During the 12-month period ended September 30, 2010, it had revenues of $61.3 million.
Through this acquisition, Novatel Wireless aims to diversify its customer base and product lines into adjacent markets and it is also in plans to advance the company's strategy of providing intelligent devices to all end markets, right from the enterprise to consumer and to various vertical applications.
Enfora, which was originally founded back in 1999 and now it will operate as a Novatel Wireless business unit. Mark Weinzierl, founder and CEO of Enfora, will become part of Novatel's senior management team.