Intel has officially announced the acquisition of Israeli company Telmap, which develops navigation and location-based services. The announcement was made on Intel's AppUp Developer Program blog.
First reports on the acquisition surfaced several days ago. The deal is valued at $200-300 million, a handsome return for the Israeli company which has raised $20 million from the Science Navigation group.
Telmap, which was founded and is managed by Oren Nissim, develops and markets navigation software for cellular phones under the Navigator brand. Its income is based on monthly membership fees and ads adjusted to the geographical location and user.
According to the IVC database, the company employs 200 workers and is expected to make $33.5 million by the end of the year. Its leading clients include Pelephone, Partner and Cellcom in Israel, SFR in France and Telefónica in Germany.
This is Intel's second acquisition in Israel in the past month. In late August, the technology giant bought GraphTech, another cellular technology company which has developed an application allowing users to play games on their cell phones that were stored on their PCs.