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Gemalto acquires Cinterion |
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Digital security company Gemalto has said that it has acquired Cinterion Wireless Modules GmbH (CWM). Cinterion is a provider of industrial Machine-to-Machine (M2M) wireless communication modules that posted 2009 M2M revenues of €145 million, EBIT of €4 million and approximately 20% market share. Cinterion, which uses a fabless business model, employs 335 staff with major centers in Munich and Berlin, Germany. The business was started by Siemens in 1995 and spun out to a financial sponsor consortium in 2008.  Gemalto will pay €163 million in cash for the CWM business, approximately one time annual sales, and expects the transaction to close in the coming six weeks. It expects the acquisition to be immediately accretive to the company's 2010 earnings per share and may contribute around €20 million to Gemalto’s profit from operations target of €300 million in 2013, the company said. Cinterion’s business results will be reported as part of a new segment that will regroup Gemalto’s activity in this domain, called M2M, to reflect its value and strong growth potential. In its statement, Gemalto said that by combining Cinterion’s M2M module technology with its own expertise in deploying software and services for mobile network operators, it will provide simple-to-deploy M2M solutions with proven security and demonstrated remote “over-the-air” management of devices for industrial companies. These solutions would be directed towards administrations and mobile network operators that are increasingly seeking to offer M2M communication services. Gemalto quoted Gartner as having projected year-on-year volume growth rates of 25% from 2009 to 2013, making M2M one of the fastest growing segments in the mobile data business. Wireless M2M applications are increasingly revolutionizing businesses by enabling simple and cost-effective connectivity for a variety of applications, Gemalto said. These include among others: remote monitoring of utility meters or patients at home, tracking of high value items or stolen vehicles and optimized real time management of fleets, smart energy grids for more efficient energy consumption and air pollution detection systems for urban reduction programs in CO2 emissions. |
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