US-based GPS systems provider Novatel buying South Africa's DigiCore for $87M

San Diego-based GPS systems provider Novatel buying South Africa’s DigiCore for $87M.

Two weeks after disclosing buyout talks with the company, Novatel announces it is buying South African fleet-management and vehicle-tracking hardware/software firm Digicore Holdings for $87M in cash.

Novatel adds “irrevocable undertakings have been signed by holders of 58% of DigiCore’s outstanding shares to vote in favor of the transaction.”

Novatel claims pairing its M2M hardware with Digicore’s Ctrack cloud/SaaS telematics software offerings (~325K subscribers) and recently-acquired Feeney Wireless’ services will yield “the market’s first full-stack solution for the global transportation industry.”

The company also argues Digicore will expand its overseas reach.

Read more: Novatel buying South Africa’s Digicore for $87M – Novatel Wireless Inc. (NASDAQ:MIFI) | Seeking Alpha