GI Partners Completes Acquisition of Orbcomm

Photo: Orbcomm

GI Partners has completed its acquisition of Orbcomm. The all-cash transaction values Orbcomm at approximately $1.1 billion, including net debt. This deal makes Orbcomm a private company, and its stock is no longer listed on the Nasdaq Stock Market. 

The deal was first announced in April 2021. It was approved by shareholders in July, and by the FCC earlier this month. 

Orbcomm provides industrial Internet of Things (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. 

Orbcomm experienced financial setbacks due to the COVID-19 pandemic, but is seeing revenues return to pre-pandemic levels. In the company’s second quarter 2021 financial results, total revenues of $65.9 million was up 16% from the prior year period, and sales of $28.4 million were up 55% from the prior year period. Orbcomm reported approximately 2.34 million total billable subscribers as of June 30, 2021, adding 60,000 in the quarter.  

“Orbcomm’s best-in-class IoT solutions are integral to some of the world’s largest enterprises, and we are confident that our strategic investments will build on the Company’s impressive market position and help them achieve the pivotal next phase of growth,” said Mark Prybutok, managing director of GI Partners.