Trimble Navigation (NASDAQ:TRMB) announced plans to acquire TMW Systems for $355 million.
The all cash deal will add TMW’s transportation software to Trimble’s suite of mapping, tracking and surveying equipment.
Company officials said that Trimble plans to complete the deal during the fourth quarter. The company will use existing lines of credit to finance the purchase, Reuters noted.
Trimble representatives noted that the acquisition would dent the company’s fourth-quarter earnings by between 1 cent and 3 cents a share.
The company projected, however, that the integration of TMW’s operations with Trimble would boost next year’s earnings by between 12 cents and 14 cents a share.
Shares of Trimble Navigation rose more than 1% in Monday morning trading.
Privately held TMW employs about 500 workers in Beachwood, Ohio, producing enterprise logistics and transportation management software.
It has annual revenues of roughly $96 million.
Earlier this year, Trimble acquired a 3-D modeling software platform from Internet search giant Google (NASDAQ:GOOG). The purchase price for the software was not revealed.
Comments are currently unavailable. Please check back soon.