SCHAFFHAUSEN, Switzerland & STELLENBOSCH, South Africa--(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN) today announced that it has acquired the assets of iKubu (Pty) Ltd., a privately-held designer of computer vision and radar systems for the cycling market.
iKubu was in the final stages of developing the Backtracker low-energy bike radar, a device that provides unparalleled situational awareness by giving the cyclist the speed and distance of vehicles that are approaching from behind. The road is scanned by a rear-facing radar module that also doubles as a dynamically flashing caution light, and the information is sent wirelessly to a handlebar-mounted head unit.
“iKubu has found a way to implement short-range radar into a low-power system that addresses a common concern among cyclists – identifying potential hazards that are approaching them from behind,” said Cliff Pemble, Garmin’s president and CEO. “We are delighted to add this technology to the Garmin portfolio.”
“Garmin is a technological leader among cyclists, and we are looking forward to integrating our technology and expertise into their outstanding products,” said Franz Struwig, managing director of iKubu. “Garmin gives us the resources to develop, bring to market, and showcase our products that we otherwise would not have.”
Most of the former employees of iKubu will become employees of Garmin’s existing subsidiary in South Africa and will continue to operate primarily as a research and development center based in Stellenbosch, South Africa. Financial terms of the acquisition will not be released.
For 25 years, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garmin, or youtube.com/garmin.
About Garmin Ltd.
Garmin Ltd. is incorporated in Schaffhausen, Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd.
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 listed in the Annual Report on Form 10-K for the year ended December 28, 2013, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. 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.
