SUNNYVALE, Calif. (AP) — GPS manufacturer Trimble Navigation Ltd. said Monday that it has agreed to buy TMW Systems Inc., a privately held provider of enterprise software to transportation and shipping companies, for $335 million in cash.
TMW's software platform is used to manage the operations of transportation companies, store data and automate certain tasks. The company is based in Beachwood, Ohio, and has 500 employees.
When combined with Trimble's T&L solutions software, the software will serve more than 3,000 transportation fleets around the world. Trimble said it will finance the deal, which is expected to close in the fourth quarter, with its existing credit facility.
The addition of TMW, which reported trailing 12-month revenue of about $96 million, is expected to lower Trimble's adjusted fourth quarter earnings by 1 cent to 3 cents per share.
But it's also expected to boost the Sunnyvale, Calif.-based company's adjusted 2013 profit by between 12 cents and 14 cents per share, TMW said.
Trimble shares closed at $46.61 per share last week. Its shares have traded in a 52-week range of $31.88 set in early October to $55.95 set in mid-April.