Telenav acquires Skobbler for $24 million
Telenav is known for creating the GPS app called Scout. The company has announced that they have acquired navigation startup Skobbler for $24 million. Skobbler has created navigation apps for Android and iOS called GPS Navigation 2 and ForeverMap 2. These apps are based on the OpenStreetMap platform. This acquisition closed on January 29th and was worth $19.2 million in cash and $4.6 million in common stock. All of Skobbler’s employees will be joining Telenav.
“OSM can power personalized navigation services like Scout — with highly detailed maps on a global scale,” stated Telenav’s chairman and CEO HP Jin. “We plan to offer Scout with OSM for much of the world. We have already made significant headway toward this goal in the U.S., including using OSM for our HTML5 version of Scout.”
OSM is a wiki map platform, which allows anyone to edit. Some people consider it as a Google Maps alternative. OSM now has over 1.5 million registered users that can update the map in real-time. Google also recently spent nearly $1 billion to acquire Waze.
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