GI Partners, a US-based investor in data infrastructure businesses, has agreed to acquire Orbcomm Inc., a global provider of Internet of Things services, in an all-cash transaction that values Orbcomm at approximately $1.1 billion, including net debt.
“This transaction will provide immediate and substantial value to Orbcomm stockholders, reflecting the tremendous commitment and work of our employees and stakeholders. The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,” said Marc Eisenberg, Orbcomm’s chief executive officer. “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.”
“Orbcomm has a long history of innovation, providing mission-critical services to customers across the global logistics landscape and a broad range of other industries,” said 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.”