Friday, August 10, 2007

CalAmp Sells Unit To MIR3

Oxnard-based CalAmp, a providerof wireless products and systems, said yesterday that it is in a definitive agreement to sell its TelAlert software business to MIR3. The deal is worth approximately $10M in cash, a note, and preferred stock. MIR3 is a provider of enterprise notification products. CalAmp said the sale allows it to concentrate on its core satellite and wireless datacom business, and that the equity stake in San Diego-based MIR3 will allow it to participate in future success of the notification business. MIR3's messaging systems are used for urgent communications in enterprises, government agencies, and other organizations.