Satellite navigation and communication manufacturer, Garmin Ltd. has signed an agreement to acquire Interphase Technologies Inc., a manufacturer of phased array scanning sonar technology headquartered in Soquel, CA. Financial terms of the agreement were not released.
The transaction, which is expected to be finalized within 30 days, is designed to allow Garmin to expand its overall marine product portfolio, particularly in the area of sonar technology.
"Interphase's technology is a great complement to Garmin's growing marine business,' said Cliff Pemble, President and COO of Garmin in a statement. "Like Garmin, Interphase shares our passion for innovation and support, and we feel that this transaction further solidifies our commitment to the marine market. By adding Interphase's talents and technologies to the Garmin family, we believe we can leverage our areas of expertise into products that can greatly enhance a boater's experience on the water.'
"We are excited to join forces with Garmin, who we've always respected as a leading marine electronics supplier, and we look forward to integrating our technology into the company's core marine product lines,' said Charles Hicks, CEO and Board Chairman of Interphase. "This move will further our ability to build world-leading sonar technology for all of our customers.'
Interphase will operate as Garmin Santa Cruz, Inc., a California corporation and indirect wholly owned subsidiary of Garmin Ltd. Key management will be retained and sonar research and development will continue at its headquarters in Soquel, CA.
Garmin's marine business segment is a leading provider of navigation and communication equipment to retail and OEM customers. Garmin's portfolio includes the industry's most sophisticated array of chartplotters and touchscreen multifunction displays, sonar, high-definition radar, autopilot offerings and other products and services that are known for innovation, reliability and ease-of-use.