Although the terms of the deal to acquire Locationary were undisclosed, like many of Apple's acquisitions, Ciaccia said he thinks it's likely nowhere near as big of Google's (GOOG) recent acquisition of Waze, which topped $1 billion.
Ciaccia said Apple doesn't have a very "loose pocketbook" and that the deal was probably somewhere between $10 million and $50 million.
The mapping space only continues to get more and more crowded, with the likes of Facebook (FB) and Foursquare joining in.The news shows that Apple is trying to stay relevant in today's mapping services, and even though Google Maps is the go-to solution for most consumers, as Borchardt said, that doesn't mean Apple's going to sit still. So what about the money? Ciaccia said that Apple likely won't make much because of the deal. Instead, it is something that will probably be integrated with the current Apple Maps systems in an attempt to enhance the user experience. Apple has certainly made it a point to bolster its mapping features, especially after the introduction of Apple Maps was collectively frowned upon by consumers. In fact, it even caused CEO Tim Cook to publicly apologize. Ciaccia added that with this purchase, it's clear Apple has made it a point to improve its mapping application. -- Written by Bret Kenwell in Petoskey, Mich. . Follow @BretKenwell