Wednesday, December 2, 2009
Networks In Motion Acquired For $170M
Aliso Viejo-based Networks In Motion, a developer of location-based, wireless navigation software, has been acquired for $170M. According to TeleCommunications Systems, a developer of wireless text messaging and E9-1-1 technology, it is in a definitive merger agreement to acquire Networks In Motion in a combinatoin of cash, stock, and promissory notes. The deal is expected to close this month. TeleCommunications Systems said it was advised by Raymond James & Associates in the deal, with Networks In Motion advised by Jeffries & Co. Networks In Motion was venture backed by Redpoint Ventures, Mission Ventures, and Sutter Hill Ventures, and last announced a Series C funding of $10M in early 2006.