Navman acquires SEAmation

Media release

18 November 2002

Navman acquires SEAmation

Navman has made its second major acquisition for 2002, with the purchase of SEAmation Ltd, a global leader in the supply and integration of Super yacht electronics.

Marc Michel, Navman's marine division Executive Vice President, says the purchase will significantly expand the width of Navman's marine product offering and leverage opportunities for the ongoing development and commercialisation of integrated PC based technologies for the volume marine market.

"The expense of marine PCs has limited their market applications historically, whilst their fragility affected their effective life and customer satisfaction," he says.

" We believe that the knowledge and expertise contained within SEAmation combined with Navman's continuing focus on developing and manufacturing quality products, high value IP and speed to commercialisation will result in a new generation of powerful, cost effective PC based Navigation systems."

Mr Michel says current applications of the PC platform have been relatively narrow and he envisaged PC based products being able reach much smaller boats than at present and offer fully integrated navigation, communication, telematics and entertainment with high reliability.

SEAmation, based in Auckland's America's Cup Village, was founded in 1998 by Rob Willcox and Anthony Uphof to provide customised and fully integrated electronics solutions for the marine market featuring the latest in navigation hardware and software, communications, entertainment and monitoring of engine and control systems.

SEAmation rapidly grew to employ 16 staff and found a ready market particularly based around the superyacht industry. The company secured its position as a global leader in superyacht electronics with successful projects such as the development of the worlds first PC-based Sounder for the recreational market and the iYacht integrated navigation, communications and entertainment system.

In announcing the acquisition SEAmation's Rob Willcox says Navman's turnkey global development and distribution infrastructure would allow SEAmation to gear up for major expansion across its whole business in terms of products it can create, technologies it can capture and access to new markets particularly for the superyacht industry and larger OEMs.

Anthony Uphof, SEAmation's technical director says there is a win-win benefit for the company with access to Navman's solid commitment to R&D.

"We will now be part of a Navman team of over 60 engineers working to meet the demands of the Marine, Land navigation, Telematics and telecommunication markets with the ability to leverage Navman's growing IP in each of these areas," he says.

-ends-

More information:

a.. Marc Michel, Navman executive vice president Marine, +64 9 481 0508 b.. Rob Willcox/Anthony Uphof +64 9 307 7176. c.. www.navman.com www.seamation.co.nz About Navman NZ Limited

a.. Navman is a recognised world leader in the design, manufacture and marketing of high reliability GPS products for the marine, personal GPS, fleet management and OEM markets. a.. It is one of New Zealand's fastest growing companies, employing over 250 people globally in Australia, USA, Europe and its home base in New Zealand. b.. The company was recently named New Zealand's Supreme Exporter of 2002 as well as New Zealand's Hi- Tech Company of the year.. Visit Navman at www.navman.com

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