Garmin® Acquires Assets of iKubu®, Developer of Backtracker Bike Radar
Garmin Ltd. (NASDAQ: GRMN) today announced that it has acquired the assets of iKubu (Pty) Ltd., a privately-held designer of computer vision and radar systems for the cycling market.
iKubu was in the final stages of developing the Backtracker low-energy bike radar, a device that provides unparalleled situational awareness by giving the cyclist the speed and distance of vehicles that are approaching from behind. The road is scanned by a rear-facing radar module that also doubles as a dynamically flashing caution light, and the information is sent wirelessly to a handlebar-mounted head unit.
“iKubu has found a way to implement short-range radar into a low-power system that addresses a common concern among cyclists – identifying potential hazards that are approaching them from behind,” said Cliff Pemble, Garmin’s president and CEO. “We are delighted to add this technology to the Garmin portfolio.”
“Garmin is a technological leader among cyclists, and we are looking forward to integrating our technology and expertise into their outstanding products,” said Franz Struwig, managing director of iKubu. “Garmin gives us the resources to develop, bring to market, and showcase our products that we otherwise would not have.”
Most of the former employees of iKubu will become employees of Garmin’s existing subsidiary in South Africa and will continue to operate primarily as a research and development center based in Stellenbosch, South Africa. Financial terms of the acquisition will not be released.
For 25 years, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garmin, or youtube.com/garmin.
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