30 October 2012

Swiss-based u-blox acquires Fastrax, expands positioning market footprint

- Assets include GPS/GLONASS modules, software GNSS, smart-antennas and profitable business 

Thalwil, Switzerland and Espoo, Finland – 30 October 2012 – u-blox, a global leader in positioning and wireless semiconductors, announces the acquisition of privately owned, Finnish-based Fastrax Oy, a company that specializes in a broad range of GNSS positioning and antenna modules. The company brings additional products to u-blox’ portfolio, including software GNSS solutions used for consumer and industrial applications, and advanced GNSS modules that include integrated antenna.

Over its 12 year history, Fastrax has established itself as a successful player in the global positioning markets worldwide,” said Thomas Seiler, u-blox CEO. “Their modules exploit the best features of four leading GNSS chip vendors and include advanced antenna modules. These products are an excellent complement to our existing portfolio, and will benefit from u‑blox’ economy of scale in terms of our advanced R&D capabilities, semiconductor technologies, global sales channels, established supply chain and high-volume manufacturing resources.”

Combining our leading GNSS products and technologies will give our customers a more attractive choice, while streamlining our operations and lower costs”, said Fastrax CEO, Taneli Tuurnala. “This merger brings together two recognized, profitable GNSS technology leaders with broad market base; the sum of this acquisition is significantly larger than its parts.”

The acquisition entails purchase of 100% of the shares of Fastrax Oy at a price of 13.0 million Euros. Certain pay-out rules apply to Fastrax management members. We expect revenue of around CHF 2 million and an EBIT of CHF 0.1 million for the remainder of 2012, and revenue of CHF 13 to 15 million with an accretive EBIT margin of 15-20% for 2013.

Swiss-based u-blox (SIX:UBXN) is the global leader in positioning and wireless semiconductors for the consumer, industrial and automotive markets. With headquarters in Thalwil, Switzerland, u-blox is globally present with offices in Europe, Asia and the USA.

Fastrax is a leading developer of high performance GNSS receivers and Software GNSS solutions. Fastrax enables the utilization of Global Navigation Satellite Systems (GNSS) in practically any device, from industrial applications to battery-operated consumer products. Fastrax was founded in 1999 and has 27 employees. The company is headquartered in Espoo, Finland. 

Source: u-blox