Singapore — (METERING.COM) — November 22, 2007 – Singapore Technologies Engineering Ltd (ST Engineering) has announced that ST Electronics (Info-Comm Systems) Pte Ltd (STEE-InfoComm) has entered into an agreement with Ituran Location & Control Ltd (Ituran) to acquire 93.96% of Telematics Wireless Ltd (Telematics).
Telematics is a key player in the high growth machine-to-machine (M2M) industry in which machine assets are connected through wireless info-communication infrastructures to allow wireless transmission of information for remote monitoring and control. The company’s key solution offerings include products and solutions utilizing wireless network technology for automatic meter reading, radio frequency location and vehicular telematics, and radio frequency identification applications for electronic toll collection and asset security. Telematics is currently amongst the largest terrestrial and urban asset location system suppliers worldwide, with customers from Argentina, Brazil, China, Korea and USA.
The acquisition will enable ST Electronics to enhance its offerings by providing a full suite of telematics solutions to address customer and market needs. In addition, Telematics will provide a channel for ST Electronics to enter the emerging high growth markets for M2M applications and wireless telemetry. The combined capabilities of both companies will allow ST Electronics to better address the needs of the global telematics market.