The transaction, structured as an asset purchase deal, comprised of $15m paid in cash and $10m, or approximately 1.4m shares, in TCS Class A common stock, valued using the volume weighted average stock price for 10 days prior to close.
LocationLogic also provides infrastructure, applications, content provisioning, and integration services for deploying and maintaining LBS. Its main services portfolio includes hosted infrastructure software and location-based applications.
Maurice B. Tosé, chairman and chief executive officer of TCS, said: The addition of LocationLogic assets strengthens TCS in four significant ways. First, it enhances our LBS infrastructure platform, providing key authentication and privacy technology to better position us to win new carrier business. Second, LocationLogic expands our LBS application portfolio beyond navigation, traffic, and points of interest by adding family locator, mobile resource management and phone recovery and security applications. Third, it deepens our longstanding relationships with two of the largest North American carriers and leaders in LBS. And fourth, the acquisition adds about 10 patents and 12 patent applications that are complementary to our existing patent portfolio.