The CVCA is reporting that ORBCOMM has completed its acquisition of Ottawa-based M2M service provider SkyWave Mobile Communications. ORBCOMM paid $130 million USD for the company, on a debt-free and cash-free basis. Including cash on hand, SkyWave took home approximately $180 million on the deal.
SkyWave’s Inmarsat satellite-cellular devices allow its customers to track, monitor and control industrial vehicles, vessels and equipment. The deal provides ORBCOM with 250,000 subscribers and over $60 million in annual revenues. The company had previously raised over $60 million from investors, including GTI Capital, and Investissement Desjardins.