Sierra Wireless to acquire venture-backed In Motion Technology for $21 mln
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) has agreed to buy In Motion Technology Inc, a Vancouver-based provider of mobile enterprise technologies, for US$21 million. The cash transaction is expected to close in Mar. 2014. The Richmond, B.C.-based Sierra Wireless said the acquisition will build its position in wireless solutions for specific high-growth segments, including public safety, transit, and commercial fleet markets. Founded in 2002, In Motion Technology has since 2005 been backed by Canadian venture capital firm BC Advantage Funds VCC. Update: Sierra Wireless five months ago officially approached the company's other major investor, British Columbia Discovery Fund VCC, about the acquisition opportunity, said fund CEO John McEwen. McEwen told peHUB Canada that the deal "is good for In Motion Technology, for Sierra Wireless, for us and for our shareholders."
