Telit Wireless Solutions, a subsidiary of Telit Communications (News - Alert) PLC and a global leader in machine-to-machine (M2M) wireless technology, is set to acquire Navman Wireless OEM Solutions, a designer and manufacturer of world-class Global Positioning System (GPS) modules and solutions, for $3 million in cash.

Officials with Telit Wireless Solutions said that the company has already entered into a binding agreement to purchase Navman.

This latest Telit acquisition comes on the heels of its March 2011 acquisition of Motorola (News - Alert) Solutions' M2M business and its July 2011 acquisition of Globalconect, an M2M services and connectivity business.

Oozi Cats, CEO of Telit said that the acquisition of Navman’s technology and its U.S. - based executive engineering and sales staff will make the company a major contender in the GPS market while providing an enhanced product portfolio for its M2M customers.

“The Navman acquisition provides Telit access to new GPS customers and products beyond the traditional M2M industry,” said Cats, in a statement.

“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,” he said.

He said that the acquisition also strengthens the company’s position as the premiere product and consultative partner in the M2M industry by leveraging the synergies of both companies to better serve the global customers.

“We are excited about the prospect of working with the Telit team to continue bringing our quality GPS module solutions to the market,” said George Arnott, VP, global OEM solutions, Navman Wireless OEM Solutions. Arnott will be managing the business unit under Telit’s ownership.

“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,” he added.