TCS Acquires Mobile GPS Solution Provider
[Satellite TODAY 12-04-09] TeleCommunication Systems (TCS) has entered into a definitive merger agreement to acquire Networks In Motion, a California-based provider of wireless navigation solutions for GPS-enabled mobile phones, for $170 million, TCS announced Dec. 3.
Networks In Motion’s board unanimously adopted the merger agreement and recommended its approval by stockholders. The acquisitionprice will be paid in a combination of cash, TCS common stock and promissory notes.
"Location-based services are experiencing substantial growth, and we believe that this is the right time to invest to strengthen our participation in this space. We believe the combination of Networks In Motion applications with our current offerings of carrier infrastructure and applications for location-based services will enhance our value proposition for this exciting market,” TCS CEO Maurice Tosé said in a statement.
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