July 8, 2020

Intel Reaches Deal to Acquire Telmap

TEL AVIV (Reuters) — The chip maker Intel has agreed to acquire Telmap, a maker of mobile navigation software based in Israel, Telmap’s chief executive said on Sunday.

Details of the deal were not disclosed, but Israeli media said Intel was paying $300 million to $350 million.

The Telmap chief executive, Oren Nissim, said the deal was expected to close before the end of the year.

Telmap, which offers location-based services to provide details on traffic data and local offerings, expects to post revenue of $33 million in 2011 and be profitable for the second consecutive year.

Telmap will become a wholly owned subsidiary of Intel, which has two plants and four development centers in Israel, and will retain its brand, management and 210 employees.

“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,’ ” Mr. Nissim said.

Teaming up with Intel will enable Telmap to provide a “true alternative” to offerings from giants such as Nokia and Google, Mr. Nissim said.

Peter Riddle, general manager of Intel’s AppUp developer program, said in a blog post that the deal was a step toward expanding Intel’s capabilities in mobile software services.

“Telmap delivers great multiplatform consumer experiences every day, and we’re looking forward to combining that focus and excellence with Intel’s to significantly grow their business,” he wrote.

Intel, the world’s No. 1 chip maker, has become a larger provider of software and services after its acquisitions of McAfee and Wind River.

Article source: http://feeds.nytimes.com/click.phdo?i=ebb647a62c1027819f6a3d3f88cab44c

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