SUNNYVALE, Calif., March 12, 2013 (GLOBE NEWSWIRE) -- Telenav®, Inc. (Nasdaq:TNAV), the leader in personalized navigation, announced today that it has entered into an agreement to sell the Telenav enterprise business unit to FleetCor Technologies Operating Company, LLC for approximately $10 million in cash, with an anticipated closing date in approximately 30 days. Telenav's enterprise business allows companies to better manage operations by using the Telenav location-based services (LBS) platform to track status and the location of mobile workers, vehicles and assets deployed in the field.
"As our consumer, advertising and automotive businesses grow, we have seen a divergence between the strategic direction of these areas and that of our enterprise business," said HP Jin, president and CEO of Telenav. "This agreement will allow us to focus more and strengthen our strategic growth areas."
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. Except as noted, the financial impact is not expected to be material to the financial results of Telenav.About Telenav, Inc. Telenav's mission is to help make people's lives easier, less stressful, more fun, and more productive while they are on the go. Our personalized navigation services help people make faster and smarter daily decisions about where to go, when to leave, how to get there, and what to do when they arrive. We aim to be everywhere people need us. Our partners are wireless carriers, automobile manufacturers and original equipment manufacturers (OEMs), app developers, advertisers and agencies, as well as enterprises large and small. Our partners include AT&T, Bell Mobility, Boost Mobile, China Mobile, Ford, NII Holdings, QNX Software Systems, Rogers, Sony, Sprint Nextel, Telcel, T-Mobile US, U.S. Cellular, Verizon Wireless and Vivo Brazil. You can also find us in mobile app stores and on the web at www.telenav.com and www.scout.me. Follow Telenav on Twitter at www.twitter.com/telenav or on Facebook at www.facebook.com/telenav . Copyright 2013 Telenav, Inc. All Rights Reserved.