GARMIN LTD

Founding and initial growth: 1989 to 1999

In 1983, Gary Burrell recruited Min H. Kao from the defense contractor Magnavox while working for the former King Radio. They founded Garmin in 1989 in Lenexa, Kansas, as "ProNav". ProNav's first product was a Global Positioning System (GPS) unit for boaters called GPS 100. It debuted at the 1990 International Marine Technology Exposition, where it garnered 5,000 orders. A short time later, in 1991, the company opened a manufacturing facility in Taiwan.

The company was later renamed "Garmin", a portmanteau of the first names of its two founders, Gary Burrell and Min H. Kao. In 1991, the U.S. Army became its first customer.

In 1994, Garmin released GPS 155, the first IFR -certified aviation navigation system. By 1995, Garmin's sales had reached $102 million, and it had achieved a profit of $23 million. In 1996, the company headquarters moved to Olathe, Kansas. A year later, Garmin sold its one millionth unit.

In 1998, Garmin released the GNS 430 and StreetPilot. GNS 430 was an integrated avionics system that served as both GPS navigation receiver and communications transceiver. StreetPilot was Garmin’s first portable navigation system for cars.

By 1999, sales had reached $232.6 million with a profit of $64 million.

GPS growth and additional markets: 2000 to 2018

On Dec. 8, 2000, Garmin began public trading on NASDAQ with a stock price of $14 per share. Twenty-one years later on Dec. 7, 2021, the company transferred its listing to the New York Stock Exchange.

By 2000, Garmin had sold three million GNSS devices, and was producing 50 different models. Its products were sold in 100 countries and carried by 2,500 independent distributors. As of August 22, 2000, the company held 35 patents on GNSS technology. By the end of June 2000, the company employed 1,205 people: 541 in the United States, 635 in Taiwan, and 29 in the United Kingdom.

In 2003, Garmin announced its G1000 integrated cockpit system, although it did not become available until 2004 when it received FAA certification. It was first adopted by aircraft makers including Cessna and Diamond Aircraft, and was later installed as forward-fit and retrofit applications in regional airliners, business jets and turboprops, light airplanes, helicopters, and military and government aircraft.

That same year, Garmin launched the Forerunner 201, a fitness smartwatch for runners that was the first wrist-based GPS trainer.

In 2005, Garmin launched the nüvi series of compact car navigators, starting with the 300 and 350. In 2006, Garmin released Edge, its first GPS-enabled cycling computer. That same year, the company introduced a new corporate logo and opened its first retail store, located on Michigan Avenue in Chicago, Illinois. Garmin reported a 2006 total revenue of $1.77 billion, up 73% from $1.03 billion in 2005.

In 2007, the company introduced its first touchscreen marine chartplotters, the GPSMAP 5000 series, designed for international boaters.

In 2011, Garmin released its first GPS golf watch, the Approach S1. A year later, in 2012, the company released its fēnix adventure smartwatch, designed for outdoor sports and recreation.

In 2014, Garmin released Vivofit, its first wearable fitness band with a replaceable battery and a battery life of over one year. The Vivofit tracked a wearer’s steps and learned an individual’s activity level in order to adjust daily goals. In 2014, Garmin also acquired the New Zealand company Fusion Electronics Limited and its subsidiaries. After the acquisition, Fusion Electronics Limited, which sold integrated marine audio products and accessories, was renamed Garmin New Zealand Ltd.

In 2015, Garmin launched Panoptix, the first sonar system to provide real-time live imaging for anglers.

A year later, in 2016, Garmin acquired DeLorme, which gave Garmin DeLorme’s inReach satellite communication technology with interactive SOS messaging. The inReach Satellite Communicator had been the first personal satellite communication device equipped for two-way text messaging using satellites. In 2017, Garmin released their first devices made with inReach: the inReach SE+ and Explorer+.

In 2017, Garmin released its first dive computer with surface GPS, the Descent Mk1. The Mk1 also provided an altimeter and HR monitor, and used Garmin’s fenix 5X platform for everyday activity tracking.

Recent market expansion: 2018 to present

In 2018, Garmin improved its Panoptix technology by combining it with Livescope. The new Panoptix Livescope provided both scanning or imaging sonar as well as real-time, live sonar.

In April 2018, Garmin launched Connect IQ 3.0 along with new apps—MySwim Pro, Yelp, Trailforks and iHeartRadio. In May 2018, Garmin partnered with the University of Kansas Medical Center to tackle sleep apnea and atrial fibrillation.

In 2019, Garmin announced the release of new technologies in several fields. In its Automotive segment, there was an all-terrain, all-in-one GPS, the Garmin Overlander; for the Marine segment, a freshwater trolling motor, the Force; and under Garmin’s Aviation segment, an emergency autonomous landing system for aircraft, Garmin Autoland.

In 2020, Garmin Autoland won the Robert J. Collier Trophy for outstanding contributions to aviation and aerospace.

In 2022, Garmin released a new health monitoring device with its first smart blood pressure monitor, Index BPM. Index BPM is FDA-cleared, and can be used by up to 16 different people. The following year, Garmin introduced the FDA-cleared ECG app, allowing users to record heart rhythm and check for atrial fibrillation.

In 2023, Garmin announced a two-year study with the U.S. Space Force. Under the study, over 6000 Garmin Forerunner 55 and Instinct 2 Solar watches were given to members of Space Force (known as Guardians). The study aims to answer the question of whether or not regular active fitness testing can be replaced by fitness assessments made with data from the smartwatches. In addition to their health and wellness features, the watches were chosen because they have the ability to disable GPS functionality, should there be a need for higher military privacy and security. That same year, the company announced that Garmin fenix 7 watches would be used by crew members during the Polaris Dawn space mission to monitor health stats and vitals.

In 2024, the Independent Boat Builders, Inc. (IBBI) selected Garmin as its exclusive marine electronics and audio supplier. The selection starts in model year 2025 and runs through 2029.

On July 2026, Garmin announced the Cirqa Smart Band, a screenless fitness tracker worn on the wrist or arm. It tracks heart rate, energy levels, sleep, and skin temperature, syncing all data directly to the Garmin Connect app. The device features a 10-day battery life and comes in multiple sizes and colors. Unlike its main competitor, Whoop, the Cirqa requires no subscription fee to access its full suite of health metrics.

In the same month, Garmin announced it has acquired the TrainingPeaks and TrainHeroic training platforms for athletes and coaches.

Public offering

In December 2021, Garmin began trading on the New York Stock Exchange (NYSE) under the ticker symbol NYSE: GRMN. Previously, the company had traded on the NASDAQ exchange.

Acquisitions

In August 2003, Garmin completed acquisition of UPS Aviation Technologies, Inc. based in Salem, Oregon, a subsidiary of United Parcel Service, Inc., expanding its product line of panel-mounted GPS/NAV/COMM units and integrated cockpit systems for private and commercial aircraft. The acquired company changed its name to Garmin AT, Inc. and continued operations as a wholly owned subsidiary of Garmin International, Inc.

Garmin has acquired Dynastream Innovations, EME Tec Sat SAS ( EME ), and Digital Cyclone. Dynastream, in Cochrane, Alberta, produces personal monitoring technology ( ANT+ )—such as foot pods and heart rate monitors for sports and fitness products—and also ultra-low-power and low-cost wireless connectivity devices for a wide range of applications ( ANT ). EME Tec Sat SAS is the distributor of Garmin's consumer products in France; following the acquisition, EME changed its name to Garmin France SAS. Digital Cyclone Inc (DCI), located in Chanhassen, Minnesota, provides mobile weather services to consumers, pilots, and outdoor enthusiasts.

In 2007, Garmin bought Nautamatic Marine Systems, an Oregon-based company that makes autopilot systems for boats. In July 2011, Garmin finished its acquisition of the German satellite navigation company Navigon.

In 2015, Garmin acquired South Africa's iKubu Ltd. for its Backtracker on-bicycle low power radar system.

In 2016, Garmin acquired DeLorme, which gave Garmin DeLorme’s inReach satellite communication technology.

In 2017, Garmin acquired Navionics, a privately held manufacturer of nautical charts and mobile applications.

In 2019, Garmin acquired Tacx, a privately held Dutch company that designs and manufacturers indoor bike trainers, tools and accessories, as well as indoor training software and applications.

In 2020, Garmin acquired Firstbeat Analytics from Firstbeat Technologies. Firstbeat Analytics designs physiological-measurement algorithms used by health and wellness devices. Prior to the acquisition, Garmin and Firstbeat had a partnership to create dynamic training programs for athletes based on activity and fitness data captured throughout the day.

In 2021 Garmin acquired AeroData, a Scottsdale, Arizona based company that provides aircraft performance software for over 135 airlines worldwide. The company will continue to operate under the AeroData brand. Garmin also acquired Fltplan.com, a company that provides flight-planning, scheduling, and trip-support services; and, Geos Worldwide, an emergency monitoring and response service.

In 2021, Garmin acquired GEOS Worldwide, a provider of emergency monitoring and incident response services.

In 2022, Garmin acquired Vesper Marine, a privately held provider of AIS, VH, and vessel monitoring solutions.

In 2023, Garmin announced a definitive agreement to acquire JL Audio.

Leadership

Cliff Pemble is the current CEO of Garmin.

In October 2023, Garmin’s co-founders, Gary Burrell and Dr. Min Kao, were named to the U.S. National Aviation Hall of Fame class of 2024.

Burrell retired in 2002 as Garmin's chief executive officer and in 2004 retired as co-chairman of its board of directors. He remained chairman emeritus until his death in 2019. Kao became CEO in 2003, and chairman in 2004.

In 2005, Forbes estimated Kao's net worth at $1.5 billion. He has donated $17.5 million to the University of Tennessee. The same year Forbes estimated Burrell's net worth as $940 million.

July 2020 outage

On July 23, 2020, Garmin shut down its call centres, website and some online services, including Garmin Connect and flyGarmin, after a ransomware attack encrypted its internal network and some production systems. The company did not say it was a ransomware attack, but company employees writing on social media described it as such, with some speculation about a ransomware strain called WastedLocker later confirmed. Hackers reportedly demanded a $10 million ransom from Garmin. The company instituted a "multi-day maintenance window" to deal with the attack's impacts. Some Garmin online services began to function again on July 27, 2020, though delays in synchronising data with connected applications were expected; Strava anticipated a delay of "a week or longer". Experts speculated that Garmin had paid hackers a reported $10m ransom, or brokered some other kind of deal.

The outage meant Garmin could not receive calls or emails, or conduct online chats. Athlete users of Garmin wearables could not upload mileage, location, heart rate, and other data. Pilots were unable to download data for Garmin aircraft navigational systems, preventing flight scheduling. Garmin said there was "no indication" that personal information had been stolen.