VANCOUVER -- Sierra Wireless, Inc., the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy, today announced that it has completed the previously announced acquisition of the M2M group of companies (“M2M Group”) in Australia. Total cash consideration paid to the shareholders of the M2M Group was US$19.6 million (US$17.0 million, net of cash acquired) plus approximately US$1.1 million for the retirement of certain obligations, subject to normal working capital adjustments.

The M2M Group is focused on IoT connectivity services and cellular devices in Australia, and the acquisition expands Sierra Wireless’ IoT solutions business in the Asia-Pacific region. The business is an excellent strategic fit with our IoT Solutions business with slightly more than half of the M2M Group’s revenue coming from subscription-based recurring revenue. The M2M Group’s revenue for the 12 months ended November 30, 2019 was US$19.0 million, of which US$9.6 million was recurring subscription-based revenue. This segment of the business has been growing rapidly over the last several years. The M2M Group has a strong management team and solid carrier relations in the region.

Sierra Wireless Inc. (Nasdaq: SWIR; Toronto: SW)