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[Satellite TODAY 12-22-09] Globalstar and subsidiary Spot LLC have acquired Axonn, a developer and manufacturer of satellite GPS asset-tracking and messaging products, including Globalstar’s Spot Satellite GPS Messenger, for $1.5 million in cash, Globalstar announced Dec. 21.
Globalstar and Spot also offered $5.5 million in shares of Globalstar’s voting common stock and up to an additional $11 million for earnout payments based on sales of existing and new products.
Axonn designs and manufactures the STX2 Simplex data transmitter and its enterprise products using the Globalstar Simplex data network for its AXTracker and Smartone asset-tracking solutions.
This agreement “will effectively secure the critical long-term supply chain and associated intellectual property rights and technical design for the Spot Satellite GPS Messenger retail consumer product as well as a number of Simplex data machine-to-machine (M2M) enterprise solutions. With the economics of this acquisition, we expect to increase our equipment margin for the Spot Satellite GPS Messenger by approximately 100 percent," Globalstar CEO Peter Dalton said in a statement.
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