A plan by Sierra Wireless Inc. to acquire Cradlepoint Inc. of Boise, Idaho has fallen through.
Sierra Wireless, a Vancouver-based manufacturer of modem cards that connect PCs to the Internet over cellular networks, announced April 7 it had reached a “definitive agreement” to acquire Cradlepoint, whose products include docking cradles for handheld terminals and mobile broadband routers.
But on Monday, Sierra Wireless issued a terse press release stating that deal “has been terminated” because one of the conditions – which Sierra wireless did not specify – had not been met.
When it originally announced the acquisition in April, Sierra Wireless had said a merger with Cradlepoint would help move it up the “mobile computing value chain.” The breakup will cost Sierra Wireless $700,000.