Sierra Wireless To Buy MobiquiThings For €14 Mln, Plus Milestones

(RTTNews) - Sierra Wireless (SWIR, SW.TO) on Tuesday said it has agreed to buy MobiquiThings, a mobile virtual network operator in Europe.

As per the terms of the deal, Sierra will pay €14 million in cash, plus a performance-based earnout formula that extends into 2017.

The deal is expected to close in August 2015.

"The purchase of MobiquiThings further accelerates our device-to-cloud strategy and is highly complementary to our acquisition of Wireless Maingate completed in January," said Jason Cohenour, President and CEO of Sierra Wireless.

In 2015, MobiquiThings is expected to generate revenue of about €3 million and breakeven adjusted EBITDA.