Intel acquires Israeli mobile navigation firm Telmap
Oct 2, 2011, 1:30 a.m.
TEL AVIV (Reuters) - Chipmaker Intel Corp
Details of the deal were not disclosed but Israeli media said Intel is paying about $300 million.
"Telmap is happy to announce that it has been acquired by Intel," Telmap said on its website, providing a link to a blogpost by Peter Riddle, general manager of Intel's AppUp developer programme.
In the blog Riddle said that Intel announced during the opening keynote at AppUp's annual gathering of developers last week in Seattle that it signed an agreement to acquire Telmap, which will become a wholly owned subsidiary.
"This move is a step toward expanding our mobile software services capabilities as Intel continues to grow in the area of software and services," Riddle wrote.
"Telmap delivers great multi-platform consumer experiences every day, and we're looking forward to combining that focus and excellence with Intel's to significantly grow their business.
"But Telmap isn't just a great consumer service provider -- with Telmap we can directly provide developers with location-based services spanning devices, operating systems and CPU architectures," Riddle added.
Officials at Telmap, which offers location-based services to provide details on traffic data, speed cameras and local offerings, were not available to comment.
A spokesman for Intel in Israel declined to comment.
Intel, the world's No. 1 chipmaker, has two plants and four development centers in Israel.
(Reporting by Tova Cohen; Editing by Robert Birsel)