—September 2, 2011—TeleNav, Inc. (NASDAQ: TNAV), one of the largest global wireless location-based services providers, today announced that it has completed the acquisition of goby, a Boston-based local search engine and mobile application developer focused on offering users an easy way to explore and discover events and activities based on location.
"We are impressed with what the goby team has built to date and are excited about what we can do together moving forward," said HP Jin, president, CEO and co-founder of TeleNav.
Most of the eleven goby employees will join the TeleNav team and will remain in their current Boston location. The overall financial impact of the acquisition to TeleNav is not expected to be material to the financial results and cash position of TeleNav. Other terms of the acquisition were not disclosed and additional details on timing and extent of goby content and technology integration will be announced at a later date.