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TheStreet Open House

Apple Buys Embark, Adds to Maps

Stocks in this article: AAPLGOOG

NEW YORK ( TheStreet) -- Apple (AAPL) is at it again, acquiring Embark in its latest mapping application purchase, according to a published media report.

JessicaLessin.com reports that Apple has continued its binge buying of mapping apps, this time acquiring an app that lets users navigate public transportation.

The price was not disclosed, though the deal was confirmed by an Apple spokeswoman, according to JessicaLessin.com. "Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans," she said.

The Silicon Valley-based company, which was founded only two years ago, builds apps that allow users to navigate transit systems in some of the U.S.'s major cities, including New York and Chicago.

Apple has purchased two other mapping applications in recent months. The company recently bought Locationary and HopStop, as it continues to battle Google (GOOG) for map supremacy.

Google purchased Israeli-based Waze earlier this year, and recently started integrating the applications services into Google Maps.

Apple shares finished slightly higher on the day, gaining 0.06% to $502.64, as activist Carl Icahn tweeted that he intends to further meet with Apple CEO Tim Cook to discuss the magnitude of the company's buyback.

-- Written by Chris Ciaccia in New York

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