Intel (INTC) Said to Have Acquired Telmap for ~$300M - $350M
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Intel (Nasdaq: INTC) is looking to expand it's map offerings and capabilities with a strategic new acquisition.
Reuters reports Monday Telmap CEO Oren Nissan said Intel has agreed to acquire his company, and the transaction should close in the fourth quarter sometime. Nissan did not issue specifics about the price, but numbers ranging from $300 million to $350 million have been murmured.
Telmap will become a subsidiary of Intel, and will retain its brand, management, and 210 employees.
Intel currently has two plants and four development centers in Israel.
Nissan said Intel's investment is aimed at bolstering Telmap's offerings, making it a stronger company, and helping to increase its global footprint.
Telmap will also open up its platform to third-part developers, allowing developers to enhance offerings with location-based services, according to Nissan.
Intel hasn't commented on the acquisition.
Reuters reports Monday Telmap CEO Oren Nissan said Intel has agreed to acquire his company, and the transaction should close in the fourth quarter sometime. Nissan did not issue specifics about the price, but numbers ranging from $300 million to $350 million have been murmured.
Telmap will become a subsidiary of Intel, and will retain its brand, management, and 210 employees.
Intel currently has two plants and four development centers in Israel.
Nissan said Intel's investment is aimed at bolstering Telmap's offerings, making it a stronger company, and helping to increase its global footprint.
Telmap will also open up its platform to third-part developers, allowing developers to enhance offerings with location-based services, according to Nissan.
Intel hasn't commented on the acquisition.
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