Telenav, Inc. (TNAV: Quote) announced that it has entered into an agreement to sell the Telenav enterprise business unit to FleetCor Technologies Operating Company, LLC for about $10 million in cash, with an anticipated closing date in approximately 30 days.
Telenav said its enterprise business allows companies to better manage operations by using the Telenav location-based services or LBS platform to track status and the location of mobile workers, vehicles and assets deployed in the field.
Telenav will provide certain services after closing to facilitate the transition of the business.
Other terms of the agreement were not disclosed, however the company noted that as the deal will close near the end of the fiscal third quarter, the financial guidance provided for the quarter will be unchanged.
However, as to the full year revenue for fiscal 2013, the anticipated range for revenue will now be $190 to $194 million, reflecting the impact on revenue from this sale, Telenav said.
by RTT Staff Writer
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