SAN DIEGO-Qualcomm Inc. completed its acquisition of SnapTrack Inc., providing Qualcomm with SnapTrack’s patent portfolio of nearly 50 patents, either issued or pending, that the company says are critical to the efficient, cost-effective deployment of wireless-assisted global positioning system technology.
The acquisition, in which Qualcomm paid $1 billion in stock, will be accounted for as a purchase and is expected to result in a nonrecurring charge for in-process research and development during the second quarter.
Qualcomm noted that the combined technology of both companies will accelerate the introduction of location-enabled mobile devices that will help find wireless 911 callers for emergency purposes, or provide customized location-specific services either directly to the user or via wireless-Internet applications and services.
