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Sensata (ST) Completes Buyout of Xirgo Technologies for $400M
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Sensata Technologies Holding plc (ST - Free Report) has completed the acquisition of Xirgo Technologies Intermediate Holdings, LLC — a leading telematics and data insight provider — for $400 million.
Headquartered in Attleboro, MA, Sensata is an industrial technology company that develops sensor-based solutions and mission-critical products to create business insights for customers. The company funded this transaction using cash on hand.
Since 2006, Xirgo has provided innovative wireless IoT communication devices for a wide range of applications across multiple markets. Its annual revenues are expected to exceed $100 million in 2021, with estimated revenue growth of more than 20% over the next several years.
On Feb 12, 2021, Sensata announced that it inked an agreement to acquire Xirgo. After receiving regulatory approval, Sensata completed the acquisition of 100% of the shares from private equity firm, HKW and other shareholders.
The buyout of Xirgo’s high-growth business significantly accelerates Sensata’s Smart & Connected initiative. It reinforces Sensata’s position as a data insight provider across transportation and logistics end-markets.
Through its Smart & Connected initiative, Sensata has developed solutions that collect data from wireless sensors or vehicle systems information using a connected vehicle area network. The solution enables Sensata to deliver actionable insight to drivers and back-office personnel for integration into other enterprise systems.
This acquisition brings complementary capabilities and boosts Sensata’s strategy to expand beyond original equipment manufacturers and address the broader fleet ecosystem. Sensata’s total addressable market for its Smart & Connected product offerings is expected to more than double to $15 billion by 2030.
The deal includes about 160 sales, engineering and manufacturing employees in the United States and Lithuania. The transaction is expected to be accretive to Sensata’s adjusted net income per share in 2021.
Sensata’s shares have gained 86.3% in the past year compared with 82.4% growth of the industry.
The stock currently carries a Zacks Rank #3 (Hold).
Aviat Networks delivered a trailing four-quarter earnings surprise of 61.7%, on average.
Plantronics delivered a trailing four-quarter earnings surprise of 560.4%, on average.
Ubiquiti delivered a trailing four-quarter earnings surprise of 37.1%, on average.
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Sensata (ST) Completes Buyout of Xirgo Technologies for $400M
Sensata Technologies Holding plc (ST - Free Report) has completed the acquisition of Xirgo Technologies Intermediate Holdings, LLC — a leading telematics and data insight provider — for $400 million.
Headquartered in Attleboro, MA, Sensata is an industrial technology company that develops sensor-based solutions and mission-critical products to create business insights for customers. The company funded this transaction using cash on hand.
Since 2006, Xirgo has provided innovative wireless IoT communication devices for a wide range of applications across multiple markets. Its annual revenues are expected to exceed $100 million in 2021, with estimated revenue growth of more than 20% over the next several years.
On Feb 12, 2021, Sensata announced that it inked an agreement to acquire Xirgo. After receiving regulatory approval, Sensata completed the acquisition of 100% of the shares from private equity firm, HKW and other shareholders.
The buyout of Xirgo’s high-growth business significantly accelerates Sensata’s Smart & Connected initiative. It reinforces Sensata’s position as a data insight provider across transportation and logistics end-markets.
Through its Smart & Connected initiative, Sensata has developed solutions that collect data from wireless sensors or vehicle systems information using a connected vehicle area network. The solution enables Sensata to deliver actionable insight to drivers and back-office personnel for integration into other enterprise systems.
This acquisition brings complementary capabilities and boosts Sensata’s strategy to expand beyond original equipment manufacturers and address the broader fleet ecosystem. Sensata’s total addressable market for its Smart & Connected product offerings is expected to more than double to $15 billion by 2030.
The deal includes about 160 sales, engineering and manufacturing employees in the United States and Lithuania. The transaction is expected to be accretive to Sensata’s adjusted net income per share in 2021.
Sensata’s shares have gained 86.3% in the past year compared with 82.4% growth of the industry.
The stock currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader industry are Aviat Networks (AVNW - Free Report) , Plantronics and Ubiquiti (UI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Aviat Networks delivered a trailing four-quarter earnings surprise of 61.7%, on average.
Plantronics delivered a trailing four-quarter earnings surprise of 560.4%, on average.
Ubiquiti delivered a trailing four-quarter earnings surprise of 37.1%, on average.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>