SW:CC - Sierra Wireless divests offender monitoring business for $37.6 million

Sierra Wireless (NASDAQ:SWIR) Monday reported it closed a deal to divest its offender monitoring business, a move that adds some strength to its cash position. The company sold its Omnilink business for $37.6 million in cash, to Sentinel Advantage LLC, a wholly owned unit of Bison Capital Asset Management. That takes Sierra Wireless out of the ankle-bracelet monitor business. Sierra will continue to provide Omnilink with connectivity as well as embedded modules for the ankle bracelets. Omnilink posted 2021 revenues of $13.1 million. The move "unlocks value of a non-core asset and strengthens our balance sheet," says Sierra Wireless CEO Phil Brace. At last report, Sierra Wireless' cash and equivalents came to $76.8 million.

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Sierra Wireless divests offender monitoring business for $37.6 million