Apple (AAPL) Acquires Mass-Transit Map Maker Embark
Tweet
Share
E-mailGet Alerts AAPL Hot Sheet
Price: $169.02 --0%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 0.5%
EPS Growth %: -0.7%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 0.5%
EPS Growth %: -0.7%
Join SI Premium – FREE
Apple (Nasdaq: AAPL) has acquired Embark, Inc., a Silicon Valley startup which focuses on free maps to help users navigate public transportation.
The price paid for the company wasn't disclosed, though Apple affirmed the purchase.
Cities covered include ones you might expect to have a confusing mass-transit system: New York, San Francisco, Chicago, etc.
Embark was said to have about 500,000 users as of last November and its not clear how that has grown since. In addition, it wasn't made clear what will happen with the Google (Nasdaq: GOOG) Android application. What is clear is that Google has been offering transit maps on its Google Maps platform for a while and, although Apple said last September it wouldn't offer transit maps, the company has clearly changed its mind.
Will it move the needle for Apple? No, but its a nice addition and probably didn't tap too much of Apple's substantial cash pile.
Shares of Apple are up in late trading Thursday.
The price paid for the company wasn't disclosed, though Apple affirmed the purchase.
Cities covered include ones you might expect to have a confusing mass-transit system: New York, San Francisco, Chicago, etc.
Embark was said to have about 500,000 users as of last November and its not clear how that has grown since. In addition, it wasn't made clear what will happen with the Google (Nasdaq: GOOG) Android application. What is clear is that Google has been offering transit maps on its Google Maps platform for a while and, although Apple said last September it wouldn't offer transit maps, the company has clearly changed its mind.
Will it move the needle for Apple? No, but its a nice addition and probably didn't tap too much of Apple's substantial cash pile.
Shares of Apple are up in late trading Thursday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Midday movers: PepsiCo, JetBlue fall; GM, Danaher and UPS rise
- Apple (AAPL) announces 'Let Loose,' a special online event to be held in May
- Apple announces event on May 7 amid reports of launch of new iPads
Create E-mail Alert Related Categories
Insiders' Blog, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
