Navman Wireless sold to American sci-tech firm
Navman Wireless, the fleet management company once a part of Kiwi-founded GPS manufacturer Navman, has been sold to American sci-tech conglomerate Danaher.
According to a statement by Navman Wireless, the company will remain as a standalone company retaining its brand, staff, and offices.
Navman Wireless says it monitors more than 175,000 vehicles, for more than 14,000 clients worldwide. The acquisition by the multinational Danaher will allow the company to access new markets, says Navman Wireless president Tzau-Jin Chung.
“Danaher has the resources, global footprint and commitment to support the continued growth of the Navman Wireless platform and business, along with a strong track record of building brands within its highly diversified portfolio,” says Chung.
“All of these factors will help us continue to enhance our technology platform, expand into new vertical and geographic markets, and bring the benefits of fleet and asset management to vehicles and assets around the world that are not yet taking advantage of the technology.”
Navman Wireless started as a subsidiary of Navman, founded by New Zealander Peter Maire. The fleet management division was spun off as a private company in 2007, with investment from Praire Capital.
Navman Wireless was chosen by Forbes as one of its most promising companies for 2011. According to Forbes, Navman Wireless' revenue for that year was US$68 million.