Telmap, an Israel based mobile navigation software manufacturing company, has declared that chip maker giant Intel has signed an agreement to acquire the company. The details of the deals are yet to be disclosed official but, AFP reports that the deal could be at somewhere around the $300 Million mark.
Oren Nissim, Telmap chief executive, said the deal was expected to close before the end of the year.
A blog by Peter Riddle, general manager of Intel's AppUp developer programme, says that in the opening keynote at AppUp’s annual gathering of developers few days back in Seattle Intel announced that an agreement has been signed to acquire Telmap. This will be a wholly owned subsidiary company of the Intel.
Telmap, which that has two offices and four development centers in Israel, offers location based services to provide details on traffic data and local offerings. The very impressive customer list of this company includes Vodafone, Vodacom, Orange FT group, O2, SFR, Optus, Telefonica, SingTel, Cellcom and Pelephone.
The good news for Telmap is that the brand, management and 210 employees will not be affected by this crucial move. This undertaking is seen as a step by Intel to expand in the areas of mobile software services.