Intel has bought Israeli mobile navigation specialist Telmap in a deal reported to be worth around $300 million.
The company will become a wholly-owned subsidiary of Intel when the deal is closed. No other terms were disclosed by either party.
“This move is a step towards expanding our mobile software services capabilities as Intel continues to grow in the area of software and services,” Peter Biddle general manager of AppUp Products and Services (APS) at Intel said in a blog post.
“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.”
Intel said the acquisition would enable its app developers to provide users with a range of location-based features for users.
“These new cross-platform location capabilities will allow developers to not just retain their users but delight them via in-app and in-experience location features that they just can’t really do today,” Biddle added.
“New advanced capabilities with just a few lines of code: and who doesn’t like that?”
Telmap, which was founded in 2000, was recently ranked among the top 50 fastest-growing tech companies in Israel by Deloitte. The company has grown by a staggering 1,573 per cent in the last five years.
“We are excited to be ranked eighth on this very prestigious list. The fact that we are on it for the fifth consecutive year is a strong indication that our growth is not only significant and consistent but also sustainable,” said Telmap’s chief executive Oren Nissim.
“We will continue to nurture what we view as our key success factors: our strong relationships with our customers, the mobile operators, our product superiority, our innovative business models and our strong commitment to deliver end user value around location-based services.”