Sierra Wireless Acquires Cradlepoint

Sierra Wireless Inc. has announced a definitive agreement to acquire CradlePoint Inc., a developer and supplier of wireless networking products and docking solutions for mobile enterprise, industrial and consumer applications.

CradlePoint is a provider of mobile broadband networking solutions with unique products, including the PHS-300 personal hotspot and MBR-1000 mobile broadband router. CradlePoint achieved revenue of $6.5 million in 2007 and is expected to grow revenue to approximately $25 million in 2008."The acquisition of CradlePoint is consistent with our strategy of strengthening our differentiation and expanding our position in the mobile computing value chain," says Jason Cohenour, president and CEO of Sierra Wireless. "We believe that adding CradlePoint's mobile broadband networking and docking solutions to our product portfolio extends our offering and value proposition to mobile operators and vertical OEM customers. Furthermore, we believe that the Mobile Broadband Networking category is poised for rapid growth, and that CradlePoint brings innovative mobile networking technology and talent to our team. We view CradlePoint as an important strategic addition to our business."

"By joining forces with Sierra Wireless, CradlePoint gains immediate access to established global distribution channels, leading edge mobile broadband technology, product marketing expertise, large scale supply chain capabilities and working capital to drive further growth. We bring an innovative product line of mobile broadband networking devices powered by our unique WiPipe platform, and solid relationships with North American network operators, vertical OEMs, retail channels and application providers," says Pat Sewall, CEO of CradlePoint. "We are enthusiastic about becoming part of the Sierra Wireless team."

Completion of the acquisition is expected in July, 2008.