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- u-Blox
u-Blox Acquisition, Valuation & Financials
u-Blox was acquired by ZI Zenith for $1.2B in August 2025, a 4.0x multiple on $297M of revenue.
u-Blox acquisition price
$1.2B
Acquired by ZI Zenith · Aug 2025
u-Blox revenue at acquisition
$297M
Last twelve months · Aug 2025
u-Blox revenue multiple at acquisition
4.0x
EV/Revenue · Aug 2025
u-Blox market cap before the deal
$1.3B
DUS: 3BG · Apr 2026
About u-Blox
U-blox is a Swiss technology company headquartered in Thalwil that develops positioning and wireless communication products for automotive, industrial and consumer applications. Its portfolio includes chips, modules and supporting data services that help vehicles, equipment and other connected devices determine their location and exchange information. The company serves manufacturers and product developers integrating these capabilities into their own systems. Its commercial model includes the sale of semiconductor products and modules alongside product-related technology and services. The business originated as a spin-off from the Swiss Federal Institute of Technology in Zurich and developed an international presence in Europe, Asia and the United States. Its applications include navigation, tracking, industrial equipment and connected consumer products. The acquisition of Geotate in 2009 added software GPS and photo geotagging capabilities to its positioning portfolio.
Founded
2007
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$297M (Aug 2025)
Valuation
$1.2B (acquired Aug 2025)
u-Blox Acquisition
u-Blox was acquired by ZI Zenith for $1.2B on 17 August 2025.
The acquisition price implies a 4.0x revenue multiple on $297M of revenue.
u-blox Holding AG, a Swiss-based global provider of positioning and wireless communication technologies specializing in satellite positioning, short-range communications, and high-precision connectivity solutions for automotive and industrial markets, was acquired by ZI Zenith S.à r.l., the European indirect subsidiary of Advent International, a US-based private equity firm. The company had undergone major cost-cutting and restructuring in 2024, phasing out its cellular IoT module business announced in January 2025 and sold to Abu Dhabi-based Trasna in March 2025. The deal, announced on August 18, 2025, involved a public tender offer at CHF 135 per share, valuing u-blox's equity at approximately CHF 1.05 billion (USD 1.3 billion), a 53% premium over the six-month average share price. ZI Zenith completed the tender offer on November 26, 2025, securing over 98% of shares after all regulatory approvals and conditions were met, followed by a statutory squeeze-out and delisting from SIX Swiss Exchange. Largest shareholder SEO Master Fund LP, holding 9% of shares, tendered fully. Strategic rationale centers on leveraging Advent's support to pursue long-term objectives with flexibility, strengthen market position, accelerate growth, and capture rising demand in automotive, industrial, and adjacent end-markets amid accelerating global needs for high-precision positioning and secure connectivity. u-blox leadership, including Chairman André Müller and CEO Stephan Zizala, highlighted the transaction's attractiveness for shareholders, customers, and employees, backed by Advent's vision alignment. Post-acquisition, Advent commits to partnering with new management for long-term value creation, building on u-blox's engineering expertise, technology portfolio, and customer base.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 17 Aug 2025 | PE buyout | $1.2B | 4.0x |
u-Blox as a Public Company
u-Blox traded as DUS: 3BG before it was taken private. Its acquisition was announced in August 2025. April 2026 is its last month on record as a listed company, with a market cap of $1.3B and an enterprise value of $1.2B.
Over the 4 years before that, its market cap grew from $721M in April 2022 to $1.3B.
u-Blox market cap while listed
u-Blox EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Apr 2026 | $1.3B | - | - | - | - | - |
| Apr 2025 | $788M | $315M | ($27M) | -8% | 2.3x | (26.6x) |
| Apr 2024 | $792M | $577M | $70M | 12% | 1.2x | 9.6x |
| Apr 2023 | $963M | $705M | $174M | 25% | 1.3x | 5.2x |
| Apr 2022 | $721M | $473M | $76M | 16% | 1.5x | 9.7x |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month u-Blox traded.
Acquisitions by u-Blox
u-Blox has acquired 4 companies to date.
Last acquisition by u-Blox was on April 1st 2020. u-Blox acquired Thingstream for $11M.
Latest Acquisitions by u-Blox
| Description | Thingstream is a Bristol-headquartered IoT communication-as-a-service provider using LPWAN for low-power, global connectivity. The platform simplifies device management for smart cities, agriculture, and logistics with multi-network switching, serving developers in Europe and North America to deploy scalable connected solutions. | Antcor is a provider of Wi-Fi IP cores including the Proteus software-defined platform supporting 802.11a/b/g/n/ac/ah standards and a verification toolbox for chip vendors in communications. | connectBlue develops wireless connectivity modules for industrial applications, including Bluetooth Classic, Bluetooth Low Energy, and WLAN products. Acquired by u-blox in 2014, it is headquartered in Zurich, Switzerland, with offices across Europe and Asia. The company supplies serial cable replacement devices for sectors like automation, healthcare, logistics, and point-of-sale systems. Its OWL355 multiradio module targets IoT, medical, and industrial uses, supporting CAN protocols from various manufacturers. | Geotate was a developer of software GPS and geotagging technology with its operating team based in Reigate, United Kingdom. Its technology enabled devices to record location information and associate it with digital photographs and other data. The company’s capture-and-process approach stored a brief GPS signal with a photograph and processed the location later, reducing the work and power consumption required in the camera. Its commercial applications included digital cameras, mobile phones, portable computing devices and other products needing positioning capabilities. It supplied technology and related services, including software GPS, reverse geocoding and internet services for geotagging. The business grew out of research at Philips and NXP and was established in 2008 as a joint venture between NXP and ROAD Group. It employed thirty-one people, including twenty-four in research and development, when u-blox acquired it in 2009. |
| HQ Country | ||||
| HQ City | Zurich | Athens | Zurich | Reigate |
| Deal Date | 1 Apr 2020 | 6 Aug 2014 | 19 May 2014 | 30 Mar 2009 |
| Valuation | $11M | $6M | $18M | $5M |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all u-Blox acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Investments by u-Blox
u-Blox has invested in 2 companies to date.
Latest investment by u-Blox was on June 29th 2023. u-Blox invested in RoboK in their $2M Seed round.
Latest Investments by u-Blox
| Description | RoboK is a computer vision startup enhancing industrial safety and performance through AI analysis of CCTV footage. Singapore-headquartered, it offers privacy-preserving software that detects hazards, monitors compliance, and optimizes workflows in factories and infrastructure sites. Clients include major operators in oil and gas, ports, and utilities across Asia-Pacific. Founded in 2020, RoboK processes millions of video frames daily for real-time alerts. | Zero Point Motion is an Oxford-headquartered developer of inertial sensors using cavity optomechanics in hybrid MEMS and photonic chips. The sensors provide low-noise measurements of acceleration and rotation for navigation in GPS-denied environments like autonomous vehicles and drones. Founded by University of Oxford researchers, the company targets defense and aerospace markets. |
| HQ Country | ||
| HQ City | Cambridge | London |
| Deal Date | 29 Jun 2023 | 7 Mar 2022 |
| Round | Seed | Seed |
| Raised | $2M | $3M |
| Investors | The Bristol Port Company; University of Cambridge Enterprise; Parkwalk; Deeptech Labs; AI Seed; Amadeus Capital Partners; Martlet Capital | Foresight Williams; Verve Ventures |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all u-Blox investments and their VC round multiples. Start Free Trial | ||
u-Blox Competitors
u-Blox competitors include listed companies like Hana Micron, RRP Semiconductor, Nuvoton and Browave, and private ones like Silicon Box and Xinlian Power.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.1B | $223M | $1.2B | 1.2x | ||
| Publicly listed | ($725K) | ($771K) | $1.2B | - | ||
| Publicly listed | $927M | $9M | $1.2B | 1.2x | ||
| Publicly listed | $68M | $19M | $1.1B | 15.0x | ||
| Private | - | - | $1B | - | ||
| Private | $413M | - | $2B | 4.8x |
u-Blox Public Comps
u-Blox is no longer listed, but its public comps include Kinpo Electronics, Hana Micron, RRP Semiconductor, Ichor Holdings, Desay Battery, Shenzhen Mason, Adtran Networks, Nuvoton, Axera Semiconductor and Fadu.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5B | $192M | 0.5x | - | 12.5x | - | |||
| $1.1B | $223M | 1.8x | 1.2x | 9.3x | 5.2x | |||
| ($725K) | ($771K) | (1607.6x) | - | (1511.1x) | - | |||
| $948M | ($7M) | 1.2x | 0.9x | (148.1x) | 12.4x | |||
| $3.4B | $129M | 0.5x | 0.4x | 12.1x | 8.4x | |||
| $834M | $27M | 1.6x | - | 51.5x | - | |||
| $540M | $70M | 2.3x | - | 17.5x | - | |||
| $927M | $9M | 1.2x | 1.2x | 127.3x | (420.7x) | |||
This data is available for Pro users. Sign up to see all u-Blox competitors and their valuation data. Start Free Trial | ||||||||
Common questions about u-Blox
| When was u-Blox founded? | u-Blox was founded in 2007. |
| Where is u-Blox headquartered? | u-Blox is headquartered in Zurich, Switzerland. |
| Is u-Blox publicly listed? | No, u-Blox was acquired by ZI Zenith in August 2025. |
| Who acquired u-Blox? | u-Blox was acquired by ZI Zenith in August 2025. |
| How much was u-Blox acquired for? | u-Blox was acquired for $1.2B in August 2025, a 4.0x revenue multiple. |
| Which companies are comparable to u-Blox? | Companies comparable to u-Blox include Hana Micron, RRP Semiconductor, Nuvoton, Browave, Silicon Box and Xinlian Power. |
| What was u-Blox's market cap before the acquisition? | u-Blox had a market cap of $1.3B in April 2026, its last month on record as a listed company. |
| How many companies has u-Blox acquired? | u-Blox has acquired 4 companies, including Thingstream, AntCor, connectBlue and Geotate. |
| What was the largest acquisition by u-Blox? | The $18M acquisition of connectBlue in May 2014 is the largest acquisition u-Blox has made to date. |
| How many companies has u-Blox invested in? | u-Blox has invested in 2 companies, including RoboK and Zero Point Motion. |
| What was u-Blox's last investment? | In June 2023, u-Blox invested in RoboK's $2M seed round alongside The Bristol Port Company, University of Cambridge Enterprise, Parkwalk and 4 other investors. |
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