Deal expands global presence for Motorola Solutions which will combine Psion within its Enterprise Mobile Computing business
The US based Motorola Solutions has acquired Psion, the UK based mobile computer maker and inventor of the personal digital assistant (PDA), for $200m in cash.
The UK-based data communications and telecommunications equipment provider agreed to pay $1.36 in cash per each Psion share for the acquisition to be effected by way of a recommended cash offer.
Motorola Solutions chairman and CEO Greg Brown said, "Psion is a compelling opportunity to strengthen our industry-leading, mobile-computing portfolio with ruggedized handheld products and vehicle-mount terminals that will deepen our presence in the global markets in which we compete."
Psion chairman John Hawkins said the company directors are pleased to unanimously recommend this offer by Motorola Solutions at a price which offers a significant cash premium to both the current and recent market prices.
"Psion continues to successfully deliver on its strategy of introducing exciting new products while strictly managing the cost base," he added.
Motorola Solutions will combine Psion within Motorola Solutions’ Enterprise Mobile Computing (EMC) business after the acquisition will close in the fourth quarter of 2012.
Psion is headquartered in London and has approximately 830 employees, customers in more than 50 countries and delivered 2011 revenues of $27m.
Psion’s current operational business was formed in September 2000 from a merger of Psion and Canadian-based Teklogix.
The Group’s products and services include rugged mobile hardware, secure wireless networks, software and support programmes.
Psion first forayed into hardware in 1984, developing the Psion Organiser as well as a whole range of, clamshell-design Personal Digital Assistants (PDAs).
Psion disposed of all its previous operations and is now focused on rugged mobile computing applications.
From 2010, through its open innovation business model, Psion works with its customers and partners to design and build modular and customisable variants of its mobile hardware, software and services to address the needs of specific markets and industries.