6 June 2014
Micronet Enertec Technologies, Inc. (NASDAQ: MICT) said its subsidiary Micronet Ltd has completed the previously announced acquisition of certain assets and liabilities of the MRM/FM business division of US based Beijer Electronics Inc , a fully owned subsidiary of Beijer Electronics, a Swedish publicly traded corporation headquartered in Stockholm.
Micronet purchased all related intellectual property, product rights, production files, customer base, sales and marketing network, sales leads and initiatives, technical support operation, inventory, and all related agreements. As part of the acquisition, key MRM/FM division employees joined Micronet ensuring an efficient continuous operation and contributing for the future growth of the company.
Beijer´s MRM/FM rugged tablets complement and are sometimes used to compete with the Micronet product line, offering variety of products with different and additional features. The combined company will offer a comprehensive product line, targeting different market segments including the largest and fastest growing Local Fleets as well as Long Haul, Heavy Equipment, Construction and Field Workforce verticals.
Global marketing and sales efforts will be consolidated immediately to take advantage of the superior product offerings and the growing market demand.
Micronet paid Beijer, at the closing of the transaction, USD6.5m of which the amount of USD4.85m was financed through a bank loan. The balance of the purchase price was funded by Micronet through its own independent resources.
In addition, in accordance with the terms of the Asset Purchase Agreement, Seller provided Micronet with an estimated inventory value report pursuant to which the value of inventory which is subject to post closing adjustment is set at USD800,000.
Micronet Enertec Technologies operates through two companies, Enertec Systems 2001 Ltd, its wholly-owned subsidiary, and Micronet Ltd, in which it has a controlling interest. The company´s products, solutions and services are designed to perform in severe environments and battlefield conditions. For more information visit www.micronet-enertec.com,