Orbcomm has been acquired by GI Partners, a U.S. company that invests in data infrastructure businesses, for US$1.1 billion.
The electronic logging device (ELD) manufacturer says the acquisition will afford it to increase investments in sales, marketing and technology development and to accelerate growth. It will also give it added flexibility as a privately-held company.
“The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,” said Marc Eisenberg, Orbcomm’s chief executive officer. “GI Partners has an established track record of working with companies to accelerate growth, and we look forward to continuing to drive innovation, providing world-class service to our global customers and expanding our market share in the industrial IoT as a privately held company.”
“Orbcomm has a long history of innovation, providing mission-critical services to customers across the global logistics landscape and a broad range of other industries,” said Mark Prybutok, managing director of GI Partners. “We are excited to work with the Orbcomm team to take the business forward as IoT use cases continue to evolve and grow.”
The deal is expected to close in the second half of 2021.