Telit Communications acquires Bluetooth assets from German company

13th Jan 2016 09:26

(ShareCast News) - Telit Communications has announced it will acquire Bluetooth assets from German company Stollmann Entwicklungs und Vertriebs.The AIM-listed company announced the deal on Wednesday, which is for a non-material cash consideration.Telit will acquire the company's Bluetooth intellectual property, NFC and other wireless communications IP, as well as 35 employees, mostly from its research and development team.It said the deal is another step in its strategy to provide solutions to connect devices like sensors to its Internet of Things (IoT) enablement platform.Chief executive Oozi Cats said IoT devices are increasingly being integrated into every aspect of consumers' lives."The acquisition of these assets is a key development in the execution of our IoT vision of connecting enterprise edge assets - sensors and other remote devices - to the cloud using our tools such as our IoT portal."The additional IP will provide us with valuable expertise in Bluetooth Smart, which is set to become an important standard for IoT."It's estimated the Bluetooth Low Energy and "Smart-Ready" market will be worth $5.6bn by 2020.