Novatel Wireless Buys Enfora

San Diego-based Novatel Wireless, the developer of wireless broadband modems for connecting PCs to cell phone networks, said today that it is in a definitive agreement to acuiqre Enfora, a developer of wireless, machine-to-machine (M2M) communications products. The deal is worth approximately $64.5M in cash, with up to $6M in possible earn out. Novatel Wireless said the acquisition will help it diversify its customer base and product lines into adjacent markets. Enfora had revenues of $61.3M in the 12 months ending September 30, 2010. Novatel said it is paying for Enfora out of its cash on hand, which as of September 30th was worth around $183M.