Intel to buy mobile navigation software firm

Intel to buy mobile navigation software firm

Business news |
Intel Corp. will pay between $300 million and $350 million to acquire Israel's Telmap Ltd., a provider of mobile navigation software, according to a report by the Reuters news service. Telmap, founded in 2000, claims to be a pioneer and leader in mobile location-based services.
By eeNews Europe

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Earlier this month the company announced that it was No. 8 on the 2011 Deloitte Israel Technology Fast 50, a ranking of the 50 fastest growing technology companies in Israel.

Telmap says it has been included on the list for the past five years. A spokesperson for Intel confirmed Monday (Oct. 3) that the semiconductor giant has signed an agreement to acquire Telmap. The spokesperson declined to reveal the purchase price or the expected closing date of the deal.

A posting on Intel’s AppUp developer program website says that Intel has signed an agreement to acquire Telmap, which will become a wholly-owned subsidiary of Intel. The company apparently announced the acquisition during a keynote address at an Intel developer event last week in Seattle.

"This move is a step towards expanding our mobile software services capabilities as Intel continues to grow in the area of software and services. We are all very excited to have such knowledgeable and respected experts join the company," said the posting, "Telmap will allow us to provide AppUp developers with great, differentiated location capabilities in the form of a standard set of location-based APIs and software that developers can easily integrate into their AppUp apps," said the posting.

Reuters reported the deal Sunday. The report cited Israeli media reports saying Intel is paying about $300 million to $350 million to acquire Telmap. The Reuters report also quoted Telmap’s CEO saying the deal is expected to close before the end of the year.

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