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Telenav Inc Announces Planned Sale Of Enterprise Business; Reaffirms Q3 2013 Guidance; Lowers FY 2013 Revenue Guidance

Tuesday, 12 Mar 2013 04:05pm EDT 

Telenav Inc announced that it has entered into an agreement to sell the Telenav enterprise business unit to FleetCor Technologies Operating Company, LLC for approximately $10 million in cash, with an anticipated closing date in approximately 30 days. Telenav's enterprise business allows companies to better manage operations by using the Telenav location-based services (LBS) platform to track status and the location of mobile workers, vehicles and assets deployed in the field. Telenav will provide certain services after closing to facilitate the transition of the business. Other terms of the agreement were not disclosed, however the Company noted that as the deal will close near the end of the third quarter 2013, the financial guidance provided for the quarter will be unchanged. The Company updated fiscal 2013 guidance and expects revenue to be in the range of $190 to $194 million, reflecting the impact on revenue from the sale. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $52 million, net income of $3.2 million, EPS of $0.08 for the third quarter of 2013; revenue of $192 million for fiscal 2013. 

Company Quote

-0.13 -1.96%
19 Dec 2014