Intel to buy Israel-based mobile navigation software maker Telmap
03 Oct 2011
Chipmaker Intel Corp yesterday agreed to buy Israel-based mobile navigation software maker Telmap, to take on the location service offerings of Google Maps and Nokia's Ovi.
Although the two companies did not reveal the financial terms of the deal, Israeli media suggested that Intel is paying around $300 million to $350 million for the Tel Aviv-based company.
Founded in 2000 by 17 year-old Michael Pechatnikov, Telmap develops advanced technology for mobile location-based services. Telmap offers location-based social interactions, and location-based retail offerings in addition to navigation, mapping, routing, content exploration and discovery.
Its clients are leading telecom operators like Orange FT Group, Vodafone, Vodacom, SFR, Telefonica-O2, MTS, SingTel, OPTUS and others.
Telmap, which has two plants and four development centres in Israel, will become a wholly-owned subsidiary of Intel.
Peter Riddle, general manager of Intel's AppUp developer programme, said in a blog post that as Intel continues to grow in the area of software and services, the acquisition will expand its mobile software services capabilities.