DeLorme to be acquired by Garmin
Thursday, February 11th 2016
Big changes are coming on the map for Yarmouth-based navigation company DeLorme. The Swiss company Garmin Ltd. announced Feb. 11 that it had entered into an agreement to acquire substantially all of the assets of DeLorme.
The completion of the acquisition, which is subject to customary conditions, is expected to occur within 30 to 60 days, according to a press release from Garmin.
A privately-held company that designs and markets consumer-based satellite tracking devices with two-way communication and navigational capabilities, DeLorme was founded in 1976 by David DeLorme. Frustrated by out-of-date back-country maps of Maine's Moosehead Lake region, he vowed to create better maps of the state.
One of the most compelling products in the DeLorme portfolio is its inReach series of two-way satellite communication devices. These GPS-enabled devices allow the user to send and receive satellite text messages or trigger an SOS for emergency help, anywhere in the world. In addition to inReach, DeLorme has an extensive library of digital cartography and enterprise GIS software, as well as traditional mapping.
"DeLorme is a respected brand with exciting products and technologies that are a natural fit in the Garmin portfolio," said Cliff Pemble, Garmin's president and CEO. "We look forward to completing the acquisition and welcoming them onto our team. We are looking forward to leveraging their expertise to further enhance the Garmin lineup of products."
Garmin will retain most of the associates of DeLorme and will continue operations at its existing location in Yarmouth, Maine following the completion of the acquisition. The Yarmouth facility will operate primarily as a research and development facility and will continue to develop two-way satellite communication devices and technologies. Financial terms of the purchase agreement and acquisition will not be released, according to the release.
"Our inReach technology is invaluable to hikers, hunters, boaters, and pilots who often find themselves in remote areas – Garmin's core customers. We are looking forward to completing the acquisition and are excited to help leverage our expertise into enhancing their already outstanding products," said Michael Heffron, CEO of DeLorme. "Garmin has extensive R&D capabilities and a global distribution network that will allow us to provide this technology to customers across many markets and around the world."
For decades, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation.