Motorola Solutions coughed up $200 million in cash for the company to expand its ‘Enterprise Mobile Computing’ business unit. It has submitted an application to the London Stock Exchange to delist Psion common stock.
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The company says it aims to bank on Psion to strengthen its offerings in industrial segments like manufacturing, transportation and logistics.
Remaining shareholders of Psion who haven’t accepted Motorola Solutions’ offer are ‘encouraged to do so’ – the offer will remain open for the time being.
Psion, formed in 1980, is credited with the release of its then ‘revolutionary’ Psion Organiser, ushering in an age of mobile personal digital assistants (PDAs). The company also owns the registered trademark ‘Netbook’ across Europe and the US, having launched its own Netbook Pro computer back in 2003.
Psion has approximately 830 employees and delivered 2011 revenues of £176 million ($273 million). It is headquartered in London and boasts a major operational presence near Toronto, Canada, as a direct result of its merger with Canadian company Teklogix back in 2000.
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