Israeli mobile navigation firm to retain brand and employees, says report
Chipmaker Intel will acquire Israeli mobile navigation software maker Telmap.
Telmap CEO Oren Nissim said the deal was expected to close before the end of the year, according to Reuters.
At present, Israel has two plants and four development centers in Israel. If the deal goes through, Telmap will become a wholly-owned subsidiary of Intel, but is expected to retain its brand, management and 210 employees.
Details of the deal were not disclosed, but according to media reports in Israel, Intel could pay about $300m to $350m.
"The unique thing about this transaction is that here comes a giant and says ‘We really like what you’re doing, we believe in your strategy, we want to enhance and go forward. We’re not here to swallow you up,’" Nissim told Reuters.
"I think to a large extent that from a strategic perspective came the only company that could have come," he said of Intel.
"In mobility Intel fully understands that consumers are after where value is being created for them, which is at software, services, content," Nissim said.
"Many things in mobility are happening around a person’s whereabouts. A lot of application developments are being done and Intel wants to be close to that pillar," he said.
In addition to its core business, Telmap will open up its platform to third-party developers who will be able to enhance their applications with location-based services, Nissim said.
Intel’s AppUp developer program general manager Peter Riddle said, "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."