To position itself to serve the emerging mobile Internet industry, Psion plc plans to spend about $368 million to acquire Teklogix International Inc. and its core technology in wireless networking. The price represents a 17% premium over Teklogix's 12-month share price high.
Psion wants Teklogix's wireless integration capabilities and real-time data collection expertise so it can serve the mobile worker, who will require continuous access to information, communications, and services.
Following the acquisition, Psion's handheld specialist division, Psion Enterprise Computing, will merge with Teklogix. The combined group will operate from Teklogix's headquarters in Mississauga, Ontario, under the leadership of Ian McElroy, Teklogix's president and CEO.