GI Partners<\/b>, a U.S.-based investor in data infrastructure businesses has reached an agreement to acquire Internet of Things (IoT) provider Orbcomm<\/b> in an all-cash deal that values Orbcomm at $1.1 billion.<\/p>\n
This deal, which is expected to close in the second half of 2021, will make Orbcomm a private company and its stock will no longer be listed on the Nasdaq Stock Market. When the transaction closes, Orbcomm stockholders will receive $11.50 in cash per share of common stock, representing a premium of approximately 52% to Orbcomm\u2019s closing share price on April 7. <\/p>\n
Orbcomm provides industrial IoT solutions to customers in industries like transportation, maritime, and heavy equipment. The company offers end-to-end solutions with hardware and satellite and cellular dual-mode connectivity. It\u2019s cold chain telematics solution, for example, is being used by shipping companies to track deployments of the COVID-19 vaccines. <\/p>\n
According to its fourth quarter (Q4) 2020 results, the company has about 2.2 million subscribers, 52% satellite and 48% cellular. In 2020, total revenue was $249 million, compared to $272 million in 2019. The company attributed this decline to business disruptions associated with the global pandemic. More than half of Orbcomm\u2019s business in 2020 was in the transportation sector. <\/p>\n
Orbcomm said in the April 8 announcement that the GI Partners investment will increase its investment in sales, marketing, and technology to accelerate growth and global market expansion, and provide added flexibility as a privately-held company. <\/p>\n
\u201cThe partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,\u201d said Marc Eisenberg, Orbcomm\u2019s CEO. \u201cGI 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
GI Partners, a U.S.-based investor in data infrastructure businesses has reached an agreement to acquire Internet of Things (IoT) provider Orbcomm in an all-cash deal that values Orbcomm at $1.1 billion. This deal, which is expected to close in the second half of 2021, will make Orbcomm a private company and its stock will no […]<\/p>\n","protected":false},"author":1,"featured_media":56746,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-57755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/57755"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=57755"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/57755\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/56746"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=57755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=57755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=57755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}