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SCHAFFHAUSEN, Switzerland - Garmin Ltd. (NYSE:GRMN), a company with a robust market capitalization of $46 billion and impressive gross profit margins of 58.6%, announced Tuesday it has acquired MYLAPS, a Dutch provider of timing, tracking and performance analysis tools for sports competitions. According to InvestingPro data, Garmin maintains a strong financial position with more cash than debt on its balance sheet.
MYLAPS, headquartered in Haarlem, Netherlands, specializes in technology solutions for running, cycling, motor sports and equine competitions. The company employs over 200 full-time associates globally with operations across North America, Europe, Asia and Australia. This acquisition comes as Garmin demonstrates strong operational performance, with revenue growth of 18.1% in the last twelve months.
The acquisition adds MYLAPS’ timing and race management capabilities to Garmin’s existing portfolio of fitness and performance tracking devices. MYLAPS has been developing automatic sports timing technology since 1982.
"We are excited to bring MYLAPS and their trusted timing technologies into the Garmin family," said Brad Trenkle, Garmin Co-Chief Operating Officer, in a statement based on the company’s press release.
Camiel Slaats, MYLAPS Managing Director, noted that the company has been "a global leader in sports technology, inventing automatic sports timing and revolutionizing how athletes, racers and events measure performance."
The financial terms of the acquisition were not disclosed.
Garmin, incorporated in Switzerland with principal subsidiaries in the United States, Taiwan and the United Kingdom, has historically focused on navigation and wearable technology across aviation, automotive, fitness, marine and outdoor markets.
The acquisition appears to strengthen Garmin’s position in performance tracking technology, particularly for competitive sports events and race management. The company’s stock is trading near its 52-week high, reflecting investor confidence in its strategic initiatives. For deeper insights into Garmin’s valuation and growth prospects, InvestingPro subscribers can access a comprehensive Pro Research Report, part of the platform’s coverage of over 1,400 US equities.
In other recent news, Garmin Ltd. reported first-quarter earnings that fell short of analyst expectations, leading to a 5% drop in its shares. The company also provided full-year guidance that was below consensus estimates, which further impacted investor sentiment. Additionally, Garmin’s Board of Directors announced a cash dividend of $3.60 per share for the year, to be paid in four equal installments starting in June 2025. In product news, Garmin introduced two new distance measuring equipment products, the GDM 4500 and GDM 450R, aimed at enhancing navigation capabilities for various aircraft. The company also unveiled the G5000 PRIME integrated flight deck for Part 25 transport aircraft, featuring expanded display options and larger touchscreen units. These recent developments highlight Garmin’s ongoing efforts to innovate in aviation technology while addressing investor concerns with its financial performance.
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