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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.
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.
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.