GPS app maker Telenav announced that it has purchased Berlin, Germany-based navigation startup Skobbler. The acquisition deal is valued at approximately $24 million, according to PC Mag.
Founded in 2008, Skobbler is a company that creates consumer navigation apps for iOS and Android gadgets. ForeverMap 2 and GPS Navigation 2 are among the apps the firm made. The two apps are based on the OpenStreetMap (OSM) platform, which is a crowdsourced project, the report detailed.
The acquisition deal was closed on January 29. Telenav spent around $19.2 million in cash, plus $4.6 million worth of company common shares, for the purchase. Under the terms of the said deal, the whole team of Skobbler will join Telenav to become part of its OSM team, the report explained.
Founded almost ten years ago, OSM is a worldwide map that can be edited by anyone. Telenav said OSM has become a Google Maps alternative for many developers, the report said.
The OSM team currently has over 1.5 million registered editors who can post map updates in real-time. These updates include newly developed roads and freshly laid streets. For three years, Telenav has been an active editor in OSM, PC Mag reported.
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