Motorola Solutions to buy UK's mobile computing company Psion
16 Jun 2012
Motorola Solutions (not owned by Google) has offered to pay 88 pence ($1.36) in cash per Psion share, a premium of around 45 per cent to the company closing price of 60.5 pence on 14 June (Also see: Motorola Mobility shareholders approve merger with Google)
Psion has been a pioneer in ruggedised mobile computing products and their application in industrial segments around the world. The London-based company has been a leader in mobile computing solutions since 1980.
Psion introduced its revolutionary Psion Organiser, which ushered in mobile personal digital assistants (PDAs). The company had launched its own Netbook in 2003 across Europe and the US.
Psion has approximately 830 employees, customers in more than 50 countries and 2011 revenues of £176 million ($273 million).
Post closing, Motorola Solutions said that it will combine Psion within Motorola Solutions' Enterprise Mobile Computing (EMC) business, reporting to Girish Rishi, corporate vice president, EMC
Greg Brown, chairman and CEO of Motorola Solutions, said, ''Psion is a compelling opportunity to strengthen our industry-leading, mobile-computing portfolio with ruggedised handheld products and vehicle-mount terminals that will deepen our presence in the global markets in which we compete.''
''The Psion directors are pleased to unanimously recommend this offer by Motorola Solutions at a price which offers a significant cash premium to both the current and recent market prices. Psion continues to successfully deliver on its strategy of introducing exciting new products while strictly managing the cost base,'' said John Hawkins, chairman of Psion.