ORBCOMM, a global provider of Internet of Things (IoT) solutions has entered into an agreement to be acquired by GI Partners, a leading US-based investor in data infrastructure for $1.1 billion, announced ORBCOMM recently.
Under the terms of the agreement, ORBCOMM stockholders will receive approximately 52% to ORBCOMM’s closing share price on April 7th and a 50% premium over the 90-day volume-weighted average share price through that date.
The investment by GI Partners will support ORBCOMM’s strong momentum in the industrial IoT as it increases its investment in sales, marketing and technology innovation to accelerate growth, execute on its long-term strategic plan and global market expansion, and provide added flexibility as a privately-held company.
Marc Eisenberg, CEO, ORBCOMM
GI Partners has an established track record of working with companies to accelerate growth, and we look forward to continuing to drive innovation, providing world-class service to our global customers and expanding our market share in the industrial IoT as a privately held company.
Mark Prybutok, Managing Director of GI Partners
We are excited to work with the ORBCOMM team to take the business forward as IoT use cases continue to evolve and grow.
