San Jose, California–based InvenSense, Inc. announced today (July 7, 2014) that it has signed a definitive agreement to acquire Trusted Positioning Inc. (TPI), a privately-held indoor/outdoor positioning software company based in Calgary, Alberta, Canada, and Movea, a provider of software for low-power location, activity tracking, and context sensing.
San Jose, California–based InvenSense, Inc. announced today (July 7, 2014) that it has signed a definitive agreement to acquire Trusted Positioning Inc. (TPI), a privately-held indoor/outdoor positioning software company based in Calgary, Alberta, Canada, and Movea, a provider of software for low-power location, activity tracking, and context sensing.
TPI’s location tracking technology improves accuracy both indoors and outside by augmenting GNSS and Wi-Fi based location infrastructure. Using inertial sensors such as accelerometers, gyroscopes, magnetometers, and pressure sensors in mobile and wearable devices, TPI’s software platform is designed to provide continuous and accurate positioning. The TPI platform offers inertial navigation software for a variety of industries including smartphones, tablets, wearables, in-vehicle navigation, personnel tracking, and machine guidance and control.
"InvenSense shares our passion for ‘Positioning Everywhere’ and they have been a strong supporter of the Trusted Positioning team, technology, and vision," said Chris Goodall, Trusted Positioning’s Chief Executive Officer. " Together with InvenSense we will now have the required resources and investment to mainstream this disruptive technology."
Movea’s products, technology, and IP cover a broad range of signal processing and data fusion technology applied to consumer mobile (smartphones and tablets), TV interaction and wearable sports & fitness applications. According to InvenSense, Movea’s algorithm and software framework expertise is expected to enhance InvenSense’s presence in motion software and accelerate InvenSense’s “AlwaysOn” low-power solutions for mobile and the Internet of Things.
"With the addition of Movea and TPI, InvenSense achieves a significant milestone as it transitions to a leading provider of intelligent sensor system on chips (SoC) for the fast growing mobile market . . . [and] enabling contextually aware products and services," said Behrooz Abdi, president and for InvenSense, Inc. "The tight integration of our low-power, high performance, motion and sound sensors, along with TPI’s advanced location tracking software and Movea’s data fusion algorithms will position us to deliver on this ‘AlwaysOn’ promise."
In connection with the acquisition of both companies, InvenSense expects to pay approximately $81 million, net of cash assumed, to acquire all of the outstanding shares of capital stock and other equity rights of Movea and Trusted Positioning Inc. The boards of directors of InvenSense and the two companies have approved the mergers. The transactions are expected to close by the end of InvenSense’s second quarter, September 30, 2014 and remains subject to the satisfaction of regulatory requirements and other customary closing conditions.
