4th Sep 2013 07:51
LONDON (Alliance News) - Telit Communications PLC Wednesday said it has entered into an agreement to acquire US-based ILS Technology LLC for USD8.5 million in cash, a move it says will give it access to more small and medium customers around the world.
ILS, based in Florida, is a provider of ready-to-use cloud-based systems that connect a company's IT systems with machine-to-machine devices.
Telit will add ILS Technology's over 40 engineering, sales and support staff to its Air Services unit.
Telit Communication shares were up 1.6% at 97.4 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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