Garmin Ltd (NYSE: GRMN) has acquired Vesper Marine, a leading provider of marine communication equipment and services company. Vesper Marine is renowned for its award-winning cortex system and situational awareness and remote monitoring technology. The financial terms of the deal have been kept under wraps.
Garmin Ltd. Is a U.S.-based global technology company that specializes in GPS technology and develops innovative, high-quality, and easy-to-use marine electronics for automotive, aviation, marine, outdoor, and sport activities. GRMN shares have gained 15% over the past year.
Benefits
Headquartered in Auckland, New Zealand, Vesper develops a range of communication products and solutions for power, sail, and workboats. It also provides mobile apps to monitor, view, and manage the Cortex system or smartAIS transponder for iOS and Android devices.
The addition of Vesper Marine will enhance Garmin’s industry-leading suite of marine products and technology, and further strengthen its foothold in the marine communication market.
Management Weighs In
Jarrod Seymour, VP of marine segment leader at Garmin, commented, “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.”
He further added, “Together with the Vesper team, we look forward to providing an unmatched portfolio of integrated marine communications products and services to our customers.”
Analysts Recommendation
The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys and 3 Holds. The Garmin stock price prediction of $165.20 implies 21.3% upside potential to current levels.
Investors Weigh In
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Garmin, with 7.9% of investors increasing their exposure to GRMN stock over the past 30 days.
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