Helsinki, Finland – September 14, 2011 – Fastrax Ltd., a pioneering supplier of high performance GNSS receivers and Software GNSS solutions for location-aware devices, today announced the agreement to sell the Track & Trace business unit responsible for the Fastrax uTrace product line to Navigil Ltd., a Finland-based company focused on developing personal security and tracking solutions.

“Our strategic aim is to offer the best portfolio of GNSS modules in the market and to be the number one supplier of software GNSS solutions,” said Taneli Tuurnala, CEO and President of Fastrax. “The agreement with Navigil opens Fastrax the opportunity to strengthen our focus on executing the core business strategy, while Navigil gets a running start in a promising business area.”

Closed on September 1st, the deal includes moving all of Fastrax’s uTrace related business to Navigil, along with five transferring employees and the responsibilities of open uTrace orders, deliveries and inventory. In addition, Fastrax and Navigil have agreed on close cooperation in supply of critical GNSS components to Navigil as well as cross licensing of technology.

The Navigil team boasts a wealth of experience of tracking business. Fastrax is also a corporate investor in Navigil, along with other private and corporate investors.

“The deal creates a strong centre of expertise in tracking solutions,” said Matti Räty, President/CEO of Navigil. “The business unit already has a healthy order book in place, and the development of a next generation products is well under way. Combined with the rapidly expanding tracking market and support from Fastrax, we are excited about the business opportunities ahead.”


Further information:

Fastrax contact:
Taneli Tuurnala, CEO and President
Tel. + 358 40 840 7703
taneli.tuurnala (at) fastraxgps.com


Navigil contact:
Matti Räty, President/CEO
Tel. +358 400 431 124
matti.raty (at) navigil.com