TeleCommunication Systems nabs Networks In Motion for $170M

Text messaging and location-based technologies provider TeleCommunication Systems announced a $170 million agreement to acquire mobile navigation and local search solutions provider Networks In Motion, stating the merger consideration will be paid in a combination of cash, TCS common stock and promissory notes. The transaction is expected to close later this month. According to TeleCommunication Systems, the deal accelerates its position as a location-based data services provider, bolstering its existing carrier infrastructure and applications.

Networks In Motion is the developer behind Verizon Wireless' popular VZ Navigator application. According to metrics issued by the operator in October 2009, the $9.99-per-month app generates more than 8.5 million monthly searches for traffic updates and detours around congestion, an increase of 93 percent over the previous year.

For more on the TCS/NIM deal:
- read this release

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