D.M. Martins Research
Thu, Nov. 10, 3:30 PM
- Motorola Solutions (MSI +0.5%) has closed on its acquisition of Spillman Technologies, a supplier to law enforcement.
- The companies came to a deal in late September with plans to close in Q4.
- Terms remained undisclosed. But Spillman provides more than 1,700 agencies with public safety software, including solutions for computer-aided dispatch and records management systems.
- Spillman will be integrated as a wholly owned subsidiary into Motorola Solutions' Smart Public Safety Solutions business.
Mon, Sep. 26, 4:24 PM
- Motorola Solutions (NYSE:MSI) has agreed to acquire Spillman Technologies, a provider to the law enforcement/public safety industry.
- Terms were undisclosed, though the deal's expected to close in Q4.
- Spillman offers software to more than 1,700 agencies, with solutions for computer-aided dispatch and records management systems.
- Motorola Solutions will integrate it into a fuller command center offering connecting public-safety customers to real-time insights. The solution will offer cloud-based tools for "jail management systems, fire, mobile data, data sharing, field reporting, mapping and geographic information systems."
Dec. 3, 2015, 4:58 PM
- More than three months after Bloomberg reported Motorola Solutions (NYSE:MSI) is in talks to buy Airwave Solutions for a potential $1.6B, Motorola has announced it's buying the British mobile public safety network owner for £817.5M ($1.2B), or £700M ($1B) after factoring price adjustments and Airwave's cash. A £64M deferred cash payment (due in Nov. 2018) is also part of the deal.
- The acquisition is expected to close in Q1 2016. Motorola plans to finance it using both existing cash and bank financing, and expects it to be immediately accretive to earnings/free cash flow.
- Motorola: "Airwave is the largest private operator of a public safety network in the world, delivering mission-critical voice and data communications to more than 300 emergency and public service agencies in Great Britain." The company adds it already operates 20+ public safety systems in the U.S., Norway, Australia, and elsewhere, and has long been an equipment supplier to the U.K. public safety market.
- MSI +1.7% after hours to $72.28.
Aug. 18, 2015, 1:18 PM
- Bloomberg report Motorola Solutions (MSI +0.7%) is in advanced talks to buy U.K. emergency service mobile network owner Airwave Solutions. One source says Airwave could fetch about £1B ($1.6B).
- Bloomberg cautions the deal could fall through, in part due to Airwave's complex shareholder structure. Airwave is currently controlled by Australian bank Macquarie.
- Airwave's services would complement Motorola's offerings for public safety personnel and networks, and lower its hardware dependence. Bloomberg's reports comes after Silver Lake invested $1B in Motorola. At the time, Motorola said it plans to use Silver Lake's money to "accelerate growth in its smart public safety solutions and services businesses through new partnerships, investments and acquisitions."
Apr. 2, 2015, 2:20 PM
- Bloomberg reports Motorola Solutions (NYSE:MSI) has failed to find a buyer after trying to do so for months.
- The news service reported two months ago Motorola, which counts activist ValueAct as a big shareholder and has unloaded its enterprise hardware unit to Zebra Technologies, was working with advisors to find an acquirer.
Apr. 1, 2015, 12:56 PM
- Motorola Solutions (MSI -0.4%) has bought PublicEngines, a provider of cloud-based software that helps law enforcement agencies analyze/share data, make resource-allocation decisions, map crime incidents, and receive/respond to tips. Terms are undisclosed.
- PublicEngines claims over 2K customers, mostly in North America. Motorola asserts the deal will bolster its efforts to "revolutionize public safety's use of available data to gain actionable intelligence to support its mission," and that pairing PublicEngine's analytics/predictive policing apps with Motorola's situational awareness products will "establish an unmatched platform for delivery of intelligence-led public safety capabilities."
- The deal follows Motorola's February acquisition of 911 call-taking software firm Emergency CallWorks.
Mar. 6, 2015, 5:34 PM
- Honeywell (NYSE:HON) has more cash than nearly all of its peers and may be warming to big acquisitions, as its head of M&A says the company could tally $10B in acquisitions by the end of 2018, possibly in “one shot.”
- HON typically has hesitated from making big deals, but with the balance sheet containing a record $9.1B cash, "they've got to do something,” says RBC analyst Deane Dray.
- That's got Bloomberg speculating on potential targets; Woodward (NASDAQ:WWD) could make sense because it would mesh well with HON’s aerospace offerings, with other possibilities including Brady Corp. (NYSE:BRC), Motorola Solutions (NYSE:MSI) and Japan's Yokogawa Electric (OTCPK:YOKEF).
- HON made just one purchase of size last year - a $185M acquisition of Datamax-O’Neil - and Roger Fradin, appointed to head up a push for M&A, said at the company’s investor day Wednesday that he was frustrated at the pace of acquisitions.
Feb. 6, 2015, 6:01 PM
- Bloomberg reports Motorola Solutions (NYSE:MSI) is exploring a possible sale.
- The company is just a few months removed from unloading its enterprise hardware unit, and counts activist ValueAct Capital as a major investor.
- Shares have risen to $68.00 in AH trading.
- Update (6:14PM): The full story is now out. Bloomberg states Motorola is "working with financial advisers as it seeks a buyer," and that "the sale process has been underway for several months, though a transaction isn’t imminent." A source thinks P-E firms and defense contractors could be interested.
Oct. 27, 2014, 3:52 PM
- Zebra's (ZBRA +0.6%) $3.45B acquisition of Motorola Solutions' (MSI +0.4%) enterprise hardware unit is on the books. As previously announced, Zebra financed the deal using $200M in existing cash and $3.25B in debt.
- The deal gives Zebra a business with 2013 sales of $2.5B (more than 2x Zebra's 2013 revenue). However, the Motorola unit's sales fell 8% Y/Y in Q2 to $560M, something Motorola blamed on "supply chain and IT execution issues related to transitioning business processes as well as weaker demand in Asia."
- Motorola plans to "discuss its capital return plan" during its Nov. 4 Q3 report and CC. Zebra reports on the same day.
Apr. 15, 2014, 2:26 PM
- Zebra Technologies (ZBRA -11.1%) aren't thrilled with the company's plans to spend $3.45B in cash to buy Motorola Solutions' (MSI -1.3%) enterprise hardware/software unit. (FT report)
- Zebra, which had only $416M in cash/investments at the end of 2013, says it will pay with $200M in cash on hand and $3.25B in new debt. Zebra's current market cap only stands at $3.05B. The deal is expected to close by year's end.
- Motorola's enterprise unit offers barcode scanners and RFID readers that complement Zebra's inventory/location-tracking and specialized printing products. It also sells Wi-Fi hardware, interactive kiosks, handheld computers, and two-way radios.
- The unit had 2013 pro forma sales of $2.5B, easily surpassing Zebra's 2013 sales of $1B. But it has been struggling: Sales were down 2% in 2013, and op. income fell 9% to $358M.
- Along with the deal, Motorola has announced it expects to report Q1 revenue of $1.8B (-9% Y/Y) and EPS of $0.50, below a consensus of $1.88B and $0.51. 2014 revenue is now expected to fall by a single-digit %; the consensus is for a 0.7% increase.
- Excluding acquisition expenses, Zebra expects to report Q1 revenue of $287M-$289M and EPS of $0.88-$0.91, above a consensus of $281.6M and $0.83.
Jan. 2, 2014, 2:03 PM
- Motorola Solutions (MSI -2.1%) has acquired Twisted Pair Solutions, a developer PC, mobile, and Web-based apps that enable push-to-talk (PTT) services. Terms are undisclosed. (PR)
- Twisted Pair offers its WAVE PTT apps, along with related management server software, to enterprise and government clients. Its offerings complement Motorola's existing PTT and two-way radio hardware/software, which it sells to a variety of government agencies.
Oct. 18, 2013, 12:55 PM
- Reuters reports Motorola Solutions (MSI +0.1%) is thinking of selling its slumping enterprise Wi-Fi unit. One source cautions talks are in their early stages.
- Motorola's Wi-Fi division sales fell by a mid-single digit % Y/Y in Q2, and by 30% in Q1. By contrast, IDC estimates global enterprise Wi-Fi sales rose 14.8% during the quarter.
- Potential buyers include rivals Aruba (ARUN +1%), Ruckus (RKUS +0.1%), and Ubiquiti (UBNT +3%). Market leader Cisco could also make a bid, but with the company already having an estimated 58.4% Q2 share (per IDC), regulators might not be thrilled. Also, Cisco is in the midst of integrating Wi-Fi hardware/software vendor Meraki, which it bought for $1.2B.
- Motorola's total enterprise sales fell 12% Y/Y in Q2, if one excludes the impact of the Psion acquisition; the Wi-Fi unit accounted for 8% of 2012 enterprise sales, or $216.7M. Q3 results arrive on Wednesday.
Jun. 15, 2012, 10:12 AM
Motorola Solutions (MSI +1.3%) is acquiring British industrial handheld computer maker Psion for £0.88/share ($1.36), or $200M, in cash. The price represents a 45% premium to Psion's Thursday close on the London exchange. Psion, which posted 2011 revenue of $273M, will bolster Motorola's existing handheld offerings for enterprise and government customers. Its age-old EPOC mobile OS helped give birth to Symbian.| Jun. 15, 2012, 10:12 AM
Apr. 13, 2011, 9:24 AM
Apr. 13, 2011, 9:09 AM
Motorola (MSI) and China's Huawei settle a long-running legal dispute over trade secrets, clearing the way for Motorola to complete the sale of its networks business to Nokia Siemens Networks (NOK +1.8%) (SI +1.4%). Motorola will pay an undisclosed fee to Huawei while transferring its commercial agreements to NSN. (PR)| Apr. 13, 2011, 9:09 AM