The enterprise value of the deal including debt is about $1.1 billion.
Shares of the Rochelle Park, N.J., company at last check rose 52% to $11.50. Late last April the stock touched a 52-week low of $2.22 a share.
Under the terms, holders of Orbcomm will receive $11.50 cash for each of their shares. That's a 52% premium on Orbcomm's closing price of $7.57 on Wednesday.
Orbcomm has a 30-day so-called go-shop period to consider alternative proposals. That period ends on May 7.
GI Partners, San Francisco, has a "track record of working with companies to accelerate growth," Orbcomm Chief Executive Marc Eisenberg said in a statement. One of the firm's investment focuses is data infrastructure.
Orbcomm operates low-Earth-orbit satellites and ground infrastructure that enable customers to track, monitor, control, and communicate with fixed and mobile assets worldwide.
The GI Partners deal will help Orbcomm strengthen its industrial IoT operations, the company said.
IoT "use cases continue to evolve and grow," said Mark Prybutok, managing director of GI Partners in a statement.
Orbcomm's board approved the transaction and urges holders to vote in favor of the transaction. The transaction is expected to close in the second half, subject to conditions including regulatory clearances and a vote of Orbcomm holders.