OmniSky Corp., a wireless Internet and e-mail services provider, has signed a deal to acquire NomadIQ, which provides location-based applications and services for handheld devices.
The agreement allows Omnisky to issue 2.5 million shares of its common stock to NomadIQ’s shareholders, including options for employees, and an additional 1 million shares if certain performance milestones and conditions are met.
“NomadIQ has developed what we believe to be the most robust and comprehensive product for location-based applications and services,” said Patrick McVeigh, chairman and chief executive officer of Omnisky.
The acquisition will mean Omnisky will integrate its Internet and e-mail services with NomadIQ’s location-based applications to leverage both online and cached data for a community of users.
The integrated company will help subscribers locate and access information about local restaurants, entertainment venues and other businesses in the area. Subscribers also can view and interact with maps and receive directions to those businesses as well as save the information on handheld devices.
The services also include connecting online to buy movie tickets or make restaurant reservations, identify locations and invite other subscribers to events and engage in real-time communications.
NomadIQ’s executive team will continue on with Omnisky in Israel, where NomadIQ’s main development facility resides.
