Telenav has acquired Skobbler, according to a new report by The Wall Street Journal.
The acquisition makes a lot of sense, seeing as both companies are big on mapping technology. Telenav is a popular location-based services company whose products include the personal navigation app Scout. And Skobbler is a German startup that develops map-based apps and games, including ForeverMap 2, GPS Navigation, and GeoBrain 2.
Telenav plans to improve Scout by integrating Skobbler’s technology, which is powered by OpenStreetMap (OSM). The Wall Street Journal notes:
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 a “free and editable” map of the world, says OSM founder Steve Coast.
Essentially, OSM serves as a more than capable alternative to other location data providers, the most prominent of which include Google Maps and Apple Maps.
Telenav is paying $24 million for its acquisition of Skobbler, $19 million of which is in cash and the rest in stock.
For more recent acquisition news, see also: Zynga Acquires Clumsy Ninja Developer NaturalMotion For Over $500 Million, Yahoo Acquires Incredible Labs, Plans To Shut Down Personal Assistant App Donna, and Yahoo Said To Have Finalized Acquisition Deal With Anchor App Developer Tomfoolery.