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Garmin Ltd. (NYSE:GRMN) has acquired Vesper Marine, a company specializing in AIS, VHF, and vessel monitoring solutions for the marine industry. This acquisition aims to enhance Garmin's existing marine product lineup, providing improved situational awareness for boaters. Vesper Marine's Cortex system merges VHF radio with smartAIS technology, featuring alarms for potential hazards. The integration will leverage Garmin's established market presence, though financial terms remain undisclosed. The acquisition is expected to strengthen Garmin's position as a leader in marine technology.
Positive
Enhances Garmin's marine product portfolio with Vesper's advanced AIS and communication solutions.
Potential for increased market share and customer base in the marine communications sector.
Vesper's innovative technology expected to drive revenue growth in Garmin's marine segment.
Negative
None.
Product portfolio includes award-winning situational awareness and remote monitoring technology
SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--
Garmin® Ltd. (NYSE:GRMN), today announced it has acquired Vesper Marine, a privately-held provider of AIS, VHF and vessel monitoring solutions for the marine industry. This acquisition is expected to bolster Garmin’s industry-leading lineup of marine products and technology designed to provide peace of mind and enhanced situational awareness for boaters.
With almost 15 years of experience, Vesper has developed a suite of communication products and solutions for power, sail and workboats, including the award-winning Cortex system. Cortex combines a state-of-the-art VHF radio with Vesper’s unique smartAIS transponder and remote vessel monitoring technology. Vesper’s smartAIS transponders incorporate built-in alarms to alert mariners of potential collisions, dragging anchors and man overboard situations. The company also offers mobile apps to monitor, view and manage a Cortex system or smartAIS transponder for iOS and Android devices.
“Vesper has pioneered a number of innovations in the marine communications space, with recognition across the industry for its emphasis on user-friendly and intuitive interfaces that make it easier to communicate on the water,” said Jarrod Seymour, Garmin vice president, marine segment leader. “Together with the Vesper team, we look forward to providing an unmatched portfolio of integrated marine communications products and services to our customers.”
“We are excited to have the support from a marine technology leader like Garmin,” said Carl Omundsen, Vesper Marine co-founder. “This combination will allow Vesper to expand its capabilities and integration into the marine communication market to make an even greater impact in the boating industry.”
Vesper Marine is headquartered in Auckland, New Zealand and will join Garmin’s existing team and facility located in Auckland. Financial terms of the acquisition will not be released.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most innovative, highest quality and easiest to use marine electronics in the industry, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the seventh consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Fusion® and Navionics®. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, email media.relations@garmin.com, or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin or youtube.com/garmin.
About Garmin: Garmin Ltd. (NYSE: GRMN) is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 26, 2020 and the Quarterly Report on Form 10-Q for the quarter ended September 25, 2021, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s Form 10-K and the Q3 2021 Form 10-Q can be downloaded from https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
What does the Garmin acquisition of Vesper Marine entail?
Garmin has acquired Vesper Marine to enhance its marine technology offerings, integrating Vesper's advanced AIS and vessel monitoring solutions into Garmin's product lineup.
How will the acquisition of Vesper Marine impact Garmin's business?
The acquisition is expected to strengthen Garmin's market position and expand its product offerings, potentially leading to increased revenue in the marine segment.
What financial details have been disclosed about the Garmin and Vesper Marine acquisition?
The financial terms of the acquisition have not been publicly released.
When was the Garmin acquisition of Vesper Marine announced?
The acquisition was announced on the date of the press release, which was today.
Which Vesper Marine products will enhance Garmin's offerings?
Products like the Cortex system and smartAIS transponders are expected to enhance Garmin's marine communications capabilities.
