logo
Share SHARE
FONT-SIZE Plus   Neg

Telenav To Sell Enterprise Business Unit To FleetCor Technologies - Quick Facts

Telenav, Inc. (TNAV) 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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Senate Republicans appear poised to approve a budget resolution that will serve as the legislative vehicle for their tax reform plan. The non-binding budget resolution unlocks the reconciliation process, allowing Republicans to pass their tax reform plan with a simple 51-vote majority in the Senate. President Donald Trump intends to nominate antitrust attorney Joseph Simons as chairman of the Federal Trade Commission, the White House announced on Thursday. Simons, who served as an FTC official under President George W. Bush, is currently a partner and co-chair of the antitrust group at law firm Paul Weiss. Less than four months after its debut on the New York Stock Exchange, Blue Apron Holdings Inc. said it is laying off 6 percent of its workforce. In a regulatory filing on Wednesday, the embattled meal-kit delivery company said it has implemented a company-wide realignment of personnel to support its strategic priorities.
comments powered by Disqus
Follow RTT