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Colorado and Oz | Canada's Hemisphere GPS has entered into a definitive agreement to acquire all the outstanding shares of Australia's Beeline Technologies Pty. Ltd. for $21 million, the companies announced today.
Beeline is a privately-held, precision-guidance software developer providing GPS guidance and auto-steering applications for agriculture equipment and other machine control applications including mining, construction and military equipment, according to the company. Historically a GPS applications provider, Beeline recently changed its business strategy to focus exclusively on its software platform.
The acquisition of Beeline enables Hemisphere GPS to accelerate the evolution of its auto-steering products from hydraulic-based steering to electronic vehicle control, which accesses the vehicle electronic systems using the industry standard controller area network (CAN) interface protocol, the company says.
"Beeline's high-end solutions round out our product offerings, with the addition of end-user application-specific solutions for the high-end precision agriculture markets," said Steven Koles, president and CEO of Hemisphere GPS. "Beeline's leading software solution will be integrated with Hemisphere GPS' leading Outback products and our Crescent and Eclipse technologies, allowing us to address the entire market spectrum, from entry-level guidance to highly accurate auto-steering."
Beeline has approximately 30 employees, of which 20 are engineers focused on research and software development, according to the company. Its new software business model has transitioned Beeline to profitability; its revenues were approximately $5.2 million in its fiscal 2007, which ended June 30.
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Beeline Sold to Outback GPS for $21 million
