Advised NordNav Technologies, a world-class software-based GPS solutions provider, on its strategic acquisition by CSR
Arma Partners is pleased to announce it acted as exclusive financial advisor to NordNav Technologies AB in its strategic acquisition by CSR plc (LSE: CSR), which was announced yesterday. The total price of $75m in cash, including earn-outs, for such an early stage company reflects NordNav’s position as the world leader in the development of software receivers for the volume GPS marketplace. CSR intends to combine NordNav’s software technology, with its industry-leading Bluetooth solution, to offer GPS for mobile phones at a sub $1 price point. By using NordNav’s software GPS receiver, rather than alternative hardware offerings, CSR has the potential to achieve this market breakthrough price point faster than any other company in the world.
The terms of the acquisition are an upfront cash payment of $40m with a further $35m in cash payable over the next 3 years, following completion of certain milestones by the management team of NordNav. NordNav, which is headquartered in Stockholm, was owned by its management and institutional shareholders, including 3i, Innovationskapital and Technopark, and the transaction marks a significant multiple on exit for all investors.