Destinator's R&D center was originally in Israel, but it moved its headquarters to Ontario.
Mobile location company Destinator Technologies Inc. has been acquired by Canada's Intrinsyc Software International, Inc. (TSX: ICS) for $16 million is cash and shares. Destinator, founded in 2003, develops personal navigation software that is installed on mobile devices, mostly PDAs. The company's R&D center was originally in Israel, but it moved its headquarters to Ontario. According to IVC Online, the company raised $16 million in two financing rounds and its CEO is Shimon Chadad. The company has 120 employees in Israel and overseas.
Intrinsyc develops software solutions for mobile devices. It acquired Destinator's 17 patents. Intrinsyc chairwomand and CEO Glenda Dorchak said, “As a result, we expect Intrinsyc software revenues to make up 32-37% of overall revenues for fiscal 2008." The company predicts $26-29 million revenue as a result of the acquisition.
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2008
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