11 April 2008
Leica's parent company, Hexagon has agreed to acquire all the outstanding shares of NovAtel, a leading provider of precision Global Navigation Satellite System (GNSS) components and subsystems, for US$ 390 million (€ 265 million).
NovAtel, based in Calgary, Canada, develops OEM products including receivers, enclosures and antennas that are integrated into high precision positioning applications. The company has a long-standing partnership with Hexagon's subsidiary, Leica Geosystems, which focuses on the development of high-precision GNSS technologies. The combination of Hexagon and NovAtel will add new applications to the Hexagon product portfolio and give Hexagon access to technologies applicable to new high growth markets.
Jon Ladd, president and CEO of NovAtel Inc said, “We are pleased that Hexagon has recognised NovAtel's value and selected us to play a key role in their GNSS strategy, as it acknowledges NovAtel's leading GNSS technology, focused OEM strategy, and profitable growth over the past five years.
“Hexagon's commitment to being a market leader, combined with their strategy to accelerate their entry into new GNSS applications and markets is very synergistic with NovAtel's existing goals and will, we believe, provide expanded opportunities for our customers and employees,” Mr Ladd added.