Irish venture capital firm Atlantic Bridge Ventures, headed by former Parthus chief Brian Long, has sold a GPS company in a $110m (€76.5m) deal.
The company involved is US-based GloNav, which develops global positioning systems for mobile phones. GloNav has been sold to NXP Semiconductors, which was founded by Philips ad has 37,000 employees.
The deal will include an initial $85m in cash, with a further $25m based on the achievement of financial targets. Atlantic is the largest shareholder in GloNav.
