Garmin buys Minnesota firm
By DAVID HAYES, The Kansas City Star
Olathe-based Garmin Ltd. on Friday said it had purchased a Minnesota company that offers location-based weather services through wireless companies.
The purchase of Digital Cyclone Inc. cost the company $45 million, Garmin officials said.
Digital Cyclone, or DCI, delivers wireless weather services on a subscription basis to consumers, pilots and outdoor enthusiasts, the company said.
“DCI has been a pioneer and a leader in the emerging location-based services market,” said Min Kao, Garmin’s chief executive.
“DCI’s expertise in real-time weather content delivery will one day benefit products in our aviation, outdoor and marine markets.”
DCI’s 20 employees will remain in Minnesota
The acquisition is Garmin’s second in less than a week and third in just over a month. On Wednesday, the company said it had purchased EME Tec Sat SAS, Garmin’s exclusive distributor in France. In December, Garmin paid $36 million for Canada-based Dynastream Innovations Inc.
Garmin, which has more than $830 million in cash and securities and no debt, said both recent purchases would add to the company’s bottom line in 2007.
The DCI deal was announced after trading closed. On Friday, shares of Garmin traded down 18 cents at $54.88.
Olathe-based Garmin Ltd. on Friday said it had purchased a Minnesota company that offers location-based weather services through wireless companies.
The purchase of Digital Cyclone Inc. cost the company $45 million, Garmin officials said.
Digital Cyclone, or DCI, delivers wireless weather services on a subscription basis to consumers, pilots and outdoor enthusiasts, the company said.
“DCI has been a pioneer and a leader in the emerging location-based services market,” said Min Kao, Garmin’s chief executive.
“DCI’s expertise in real-time weather content delivery will one day benefit products in our aviation, outdoor and marine markets.”
DCI’s 20 employees will remain in Minnesota
The acquisition is Garmin’s second in less than a week and third in just over a month. On Wednesday, the company said it had purchased EME Tec Sat SAS, Garmin’s exclusive distributor in France. In December, Garmin paid $36 million for Canada-based Dynastream Innovations Inc.
Garmin, which has more than $830 million in cash and securities and no debt, said both recent purchases would add to the company’s bottom line in 2007.
The DCI deal was announced after trading closed. On Friday, shares of Garmin traded down 18 cents at $54.88.
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