Telit Wireless (News - Alert) Solutions, a machine-to-machine (M2M) wireless technology company, has entered into a binding agreement to purchase Navman Wireless OEM Solutions, designer and manufacturer of GPS modules and solutions for $3 million in cash.

The OEM Solutions business, with twelve employees, is located in Foothills Ranch, CA (News - Alert), and focuses purely on sale of GPS modules. The transaction enables Navman Wireless to concentrate on its rapidly growing fleet tracking management business, which currently represents over 90 percent of the company’s revenues.

Navman Wireless OnlineAVL2 fleet tracking and asset management platform helps fleets around the world monitor vehicle and asset location in real time as well as reduce fuel, labor, and vehicle operating costs. System maps and reports, delivered under the Software-as-a-Service model, assist in fleet management by pinpointing problems such as idling, inaccurate and unauthorized stops and personal vehicle usage. It also improves dispatching efficiencies while optimizing maintenance schedules.

This latest acquisition from Telit, comes on the heels of its March 2011 merger with Motorola (News - Alert) Solutions M2M business and its July 2011 acquisition of Globalconect. Telit CEO Oozi Cats said this new acquisition would make Telit a major contender in the GPS market.

“The Navman acquisition provides Telit access to new GPS customers and products beyond the traditional M2M industry,” Cats said. “Navman’s reputation for delivering state-of-the-art GPS technology and the global reach of Telit’s sales and marketing organization put us in a strong position of growth in the GPS sector.”

George Arnott, VP of Global OEM Solutions, Navman Wireless OEM Solutions, who will be managing the business under Telit’s umbrella said, “We are excited about the prospect of working with the Telit team to continue bringing our quality GPS module solutions to the market. With our pioneering GPS engineering background, we are also excited about the possibility of creating new hybrid GPS and wireless M2M innovations for Telit Customers.”

M2M is a fast-growing $50 billion business transforming society through various innovative techniques using industries like healthcare, transportation, and security to expand. Telit is looking to jump into another new market with their latest acquisition.