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has been acquired by
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Prestwick Partners
acted as the exclusive agent
to
Digital
Cyclone, Inc. and its shareholders.
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The Business
Digital Cyclone, Inc. (www.digitalcyclone.com)
is a Minneapolis, Minnesota-based developer and marketer of
location-based services (“LBS”) for wireless devices. Digital Cyclone
is a pioneer in the emerging LBS market, offering innovative
wireless weather applications for consumers, businesses, outdoor
enthusiasts and pilots. Digital Cyclone’s offering
of real-time, location-specific weather applications includes
the company’s flagship My-Cast® 5 weather application
for consumers and businesses, Pilot My-Cast® aviation weather
information system, and ESPN Fishin’ Forecast, which tailors
weather content for anglers and outdoor enthusiasts. Digital
Cyclone's products are sold to customers in partnership with
the leading national and regional wireless carriers, including
Cingular Wireless, Verizon Wireless, Sprint PCS and Nextel, among
others. The company was co-founded in 1998 by Paul Douglas (Chief
Meteorologist at CBS affiliate WCCO-TV in Minneapolis) and Craig
Burfeind, veteran software developer and meteorologist. |
The
Industry
Digital Cyclone participates in the rapidly
growing $1.0 billion international mobile LBS market, which
encompasses a broad range of services for consumers and businesses,
including navigation, resource tracking, proximity matching
and public safety. By 2010, global sales of mobile
LBS services are expected to reach $8.5 billion, representing
average annual growth in excess of 70%. |
The
Process
Prestwick Partners initiated this transaction
and acted as the exclusive financial advisor to Digital Cyclone
and its shareholders. Prestwick Partners designed an
M&A process, prepared marketing materials, evaluated
acquisition proposals and negotiated the transaction with
Garmin Ltd. Digital Cyclone was acquired by Garmin Ltd.
for $45 million in cash at closing. |
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