Additional mapping and satellite technology to boost Garmin’s offerings.
Garmin Ltd. Has announced that it has entered into an agreement to acquire substantially all of the assets of DeLorme, which produces maps and hand-held satellite communications. Financial terms of the deal were not disclosed.
DeLorme will become a Garmin subsidiary based in Yarmouth and will retain most of its 92 workers. The deal, which is subject to customary conditions, is expected to close in 30 to 60 days.
Founded in 1976 and based in Yarmouth, Maine, DeLorme is a privately-held company that develops and markets consumer-based satellite tracking devices with two-way communication and navigational capabilities. The company was an early pioneer of global positioning system technology. DeLorme’s flagship product, inReach, is known for its integration of GPS and satellite technologies. inReach is a hand-held, two-way satellite communication device that works anywhere in the world, allowing users to trigger an SOS and send and receive text messages by satellite.
Cliff Pemble, Garmin’s president and CEO, said in a statement:
“DeLorme is a respected brand with exciting products and technologies that are a natural fit in the Garmin portfolio,” and also added this: “We look forward to completing the acquisition and welcoming them onto our team. We are looking forward to leveraging their expertise to further enhance the Garmin lineup of products.”
As part of the transaction, Garmin will retain most of the associates of DeLorme and will continue operations at its existing location in Yarmouth, Maine following the completion of the acquisition. The Yarmouth location will operate primarily as a R&D facility and will continue to develop two-way satellite communication technologies.
Founded in 1989, Garmin Ltd. is incorporated in Schaffhausen, Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries. Garmin develops consumer, aviation, outdoor, fitness, and marine technologies for the global positioning system (GPS). It pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. The company serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation.