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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV