Telenav acquires mapping startup Skobbler for $24 million

Telenav acquires mapping startup Skobbler for $24 million

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US: Telenav has acquired Skobbler, a German startup that makes map applications and mobile games, for $24 million in cash and stock. Skobbler's products use data from OpenStreetMap (OSM). “OSM offers open-source, user-generated data about geography, including granular details about roads or routes, traffic, venues and major landmarks. Its massive data resource enables the creation of free and editable map of the world,” said Steve Coast OSM founder.

Telenav plans to use Skobbler's technology to improve its Scout.me GPS navigation app, according to Ryan Peterson, a senior managing director of Telenav's European operations. Scout.me gives users directions, help in avoiding traffic and a guide to places like gas stations or cafes nearby, as well as events in their area. “The total acquisition consideration was $24 million, with $19 million of that in cash and the rest in Telenav stock,” said Marcus Thielking, Skobbler's co-founder and financial chief.

Source: Telenav