LOUISVILLE, KY (July 13, 2006) – Louisville, Kentucky-based technology firm Telemics, Inc. has been acquired by Tyco Electronics Corp., a segment of Tyco International, Ltd. (NYSE: TYC, BSX: TYC). Terms of the asset purchase were not disclosed.
Tyco Electronics is the world’s largest passive component manufacturer; a leader in cutting-edge wireless components, complete power systems, and premise wiring components and systems; and a provider of critical communications systems to the Land Mobile Radio industry. With $12.2 billion in 2005 sales, the company has 88,000 employees in 54 countries.
Telemics President & CEO Eddie Johnson said, “We are delighted to become part of the Tyco global family and look forward to continuing to develop the remote light monitoring market on a worldwide basis as part of the Tyco Electronics’ technology portfolio.” Mr. Johnson has been named Director for Intelligent Lighting of Tyco Electronics’ Energy Division. In addition, several other Telemics employees have accepted positions with Tyco Electronics and will remain in Kentucky.
Founded in 1999 by Scott Roussell, Yandell Wood, and Steve Payne, Telemics has developed a patented web based, wireless mesh network of remote sensors designed to monitor and report the condition of street lights which is currently being introduced to the US street lighting authorities and utilities. This technology enables cities such as Los Angeles and major utilities such as Arizona Public Service to remotely monitor and control their street lights to reduce the cost of operating them while at the same time enabling the repair of broken lights quicker.
Since 1999, Telemics has received venture capital funding from Chrysalis Ventures, Prosperitas Investment Partners, Mayfair Capital, Iceberg Ventures, and B.F. Capital, Inc. According to Bob Saunders, Chrysalis Ventures Managing Director and Telemics board member, “Telemics has developed a cutting-edge technology that dramatically improves efficiency and reduces street light outage time while minimizing the need for reactive maintenance. This acquisition will not only allow further development and distribution of the existing technology worldwide, but also deployment in other new monitoring and control applications.”
Dale Boden, chairman of the Telemics board and president of BF Capital, added, “This is a milestone day for technology development and transfer in Louisville. Telemics’ locally conceived, developed, and financed technology is now on track to be deployed around the globe by one of the industry leaders. This is great news for the company and for our community.”
About Telemics, Inc.
Louisville, Kentucky based Telemics is a privately held company formed in 1999 to invent, productize, and sell reliable, cost effective, and easy to deploy wireless based remote sensing technologies for lighting and other applications. For more information, please visit www.telemics.com.
About Tyco Electronics Corp.
Tyco Electronics, a business segment of Tyco International Ltd., is the world’s largest passive electronic components manufacturer; a leader in cutting-edge wireless components, complete power systems, and premise wiring components and systems; and a provider of critical communications systems to the Land Mobile Radio industry. Tyco Electronics provides advanced technology products from over forty well-known and respected brands, including Agastat, Alcoswitch, AMP, AMP NETCONNECT, Buchanan, CII, CoEv, Critchley, Elcon, Elo TouchSystems, M/A-COM, Madison Cable, OEG, Potter & Brumfield, Raychem, Schrack, and Simel. For more information, visit www.tycoelectronics.com.
Tyco International Ltd. is a global, diversified company that provides vital products and services to customers in four business segments: Electronics, Fire & Security, Healthcare, and Engineered Products & Services. With 2005 revenue of $40 billion, Tyco International employs approximately 250,000 people worldwide.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Midwest and South. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and business services. Based in Louisville, Kentucky, Chrysalis has more than $250 million under management and has made investments in over 50 companies. For more information, please visit www.chrysalisventures.com.