Navman acquired by Danaher Corporation

Navman Wireless has announced its acquisition by Danaher Corporation, a Fortune 250 science and technology company.

The company says it will function as a standalone Danaher operating company, retaining the Navman Wireless brand as well as its personnel and locations.

The transaction follows a record 2012 for wireless firm, following five successive years of revenue and installed base growth.

"Danaher has the resources, global footprint and commitment to support the continued growth of the Navman Wireless platform and business, along with a strong track record of building brands within its highly diversified portfolio," says TJ Chung, president, Navman Wireless.

"All of these factors will help us continue to enhance our technology platform, expand into new vertical and geographic markets, and bring the benefits of fleet and asset management to vehicles and assets around the world that are not yet taking advantage of the technology.

Navman Wireless' technology currently monitors over 175,000 vehicles and assets owned by over 14,000 organisations worldwide, making the company one of the largest fleet and asset management providers in the world.

The company becomes Danaher's first acquisition in the fleet/asset management space.