Numerex Corp., a wireless network and machine-to-machine services provider, announced it acquired Orbit One Communications Inc. in a deal worth up to $10.5 million and more than 1.5 million shares.
“We are very excited about this combination and the new M2M markets we are entering. Orbit One’s innovative satellite-based solutions significantly contribute to the scope and depth of our horizontal M2M platforms and greatly enhance our competitive position,” Numerex Chairman and CEO Stratton Nicolaides said.
David Ronsen, president of Orbit One, will head the combined companies’ satellite division as it will continue to be branded as Orbit One Communications.
Orbit One will receive $6 million in cash at closing and an additional $2 million upon meeting certain business objectives. Orbit One is also entitled to receive up to 1,100,000 shares of common stock upon the achievement of certain financial objectives. In addition, if the financial targets are exceeded, Orbit One stands to receive up to an additional 471,729 shares of common stock and an additional cash payment of $2.5 million.
Numerex launches into space with Orbit acquisition
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