Siemens will sell its wireless modules business to private investment firm Granville Baird, with a small investment from T-Mobile Venture Fund, the companies announced today.

The division builds modules for the M2M industry, including meter readers, building monitors, transportation logistics, payment system, remote maintenance and automotive systems – which by many accounts is an industry with a promising future.

“We firmly believe that we have found an excellent, promising owner for the Wireless Modules division in the consortium that includes T-Mobile Venture Fund. This provides both the company and the employees with additional prospects for the future,” said Hans-Georg Kümpfmüller, CEO of the Siemens Sensors and Communication unit.

However, details of the transaction are unclear – Siemens nor Granville announced the price, and no reason was stated for why Siemens chose to sell.  The companies did say the deal should be completed by the second quarter of this year, and all 400 employees of the Munich-based division including management are being transferred.

Also as part of the deal, T-Mobile will offer services such as data integration and application interfaces to Siemens Wireless Modules customers.