Apple Buys Embark, Adds to Maps
NEW YORK (TheStreet) -- Apple
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
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.
Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude.— Carl Icahn (@Carl_C_Icahn) August 22, 2013
--Written by Chris Ciaccia in New York
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