Garmin ( GRMN Quick Quote GRMN - Free Report) has acquired the assets of GEOS Worldwide and its subsidiaries in a bid to strengthen its capabilities in SOS technology. Texas-based GEOS is well-known for providing emergency monitoring and incident response services. Notably, the underlined acquisition includes all the substantial assets of GEOS, including its International Emergency Response Coordination Center (“IERCC”). The latest move of Garmin has taken its relationship with GEOS to another level. Moreover, the move bodes well for the company’s strong efforts toward enhancing its key offerings for rescue purposes from an emergency. More Details
We note that GEOS has saved more than 12,000 lives across 198 countries. Moreover, its IERCC catered to 83,000 emergency incidents worldwide out of which over 5,000 SOS incidents were created by Garmin customers.
Hence, the latest move is expected to fortify Garmin’s strength in emergency response and safety services. Further, it will help the company in delivering peace of mind to its adventure-loving customers. Therefore, the latest acquisition will make Garmin’s technology as well as services more reliable. This is likely to drive the company’s momentum among active lifestyle customers. Additionally, it is anticipated to bolster the adoption rate of Garmin’s inReach devices. Moreover, the latest move adds strength to its commitment toward providing safety, security and protection to the customers from any emergency during their adventure. Bottom Line
Worldwide provider of navigation, communications and information devices, Garmin has been making efforts to increase its share in all the markets served by it, backed by new products and upgrades to the existing ones.
The latest acquisition will likely help the company to strengthenits Outdoor segment, which focuses on developing technologies and innovations to enhance users’ outdoor experiences. Further, the segment offers products, which include handhelds, wearables, golfing devices, dog tracking/training devices, and action cameras. We believe that the growing Outdoor segment remains a major positive for Garmin’s topline. In third-quarter 2020, the Outdoor segment generated sales of $334.84 million, accounting for 30.2% of the company’s total sales. Zacks Rank & Other Stocks to Consider
Garmin currently carries a Zacks Rank #2 (Buy).
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