Irvine-based Digital Map Products Inc. closed its second acquisition in four months as it expands product offerings throughout North America.
The company acquired Mexico Business Directory, the largest geocoded information database for business locations south of the border, with about 1.6 million records.
Financial terms of the deal weren’t disclosed.
In July Digital Map acquired DMTI Spatial from Neopost Canada on undisclosed terms. DMTI is billed as the Canadian market leader in location intelligence, pulling data from more than 7,300 sources.
“Both acquisitions support a strategy to seek businesses that complement talent, technology, markets and increase the geographic footprint of the company,” Chief Executive Jim Skurzynski told the Business Journal.
The company’s cloud-based location and mapping products are used by a variety of businesses—including real estate-related firms, such as Redfin Corp., Realtor.com and CoStar Group Inc.—as well as consumers and more than 200 cities and counties, including seven in Orange County.
Its software services have more than 350,000 users, and its products generate nearly 4 billion server hits a month, according to the company. Digital Map generates annual revenue topping $20 million and is profitable, Skurzynski confirmed.
It employs about 150 in Irvine and Toronto.
Digital Map, according to Crunchbase, has raised $41.2 million since its inception in 2000. Last year it announced a $36.3 million investment by Silversmith Capital Partners, a Boston-based growth-equity firm.
The funding, described as “a management recapitalization,” allowed Skurzynski to buy out some of the company’s angel investors and another venture capital firm that invested in the company in 2005, he told the Business Journal in August.
The company is prepping for a move into a new 22,000-square-foot headquarters at University Research Park, the 185-acre campus next to the University of California-Irvine. The research park’s largest tenant, chipmaker Broadcom Ltd., is preparing to move to a new campus elsewhere in the city.
The space nearly doubles Digital Map’s existing 13,000-square-foot headquarters.
Fiber in OC
It doesn’t appear Alphabet Inc. has any immediate plans to extend its super-speedy internet network beyond Irvine Co. properties in OC.
“At this point there’s nothing to mention,” Erin O’Neill Schultz, city manager for Google Fiber OC, told the Business Journal a few hours before the company hosted a Nov. 9 event at The Village at Irvine Spectrum to unveil its latest launch.
The 1,500-unit property is the largest residential building and newest local installment of Google Fiber in OC. Rents at the luxury apartment complex range from $1,765 for a studio to about $3,400 for a two-bedroom unit.
The Village at Irvine Spectrum is the ninth residential property to offer Google Fiber in OC. Others include Westview, Centerpointe, Avella, Portola Court, Woodbury Place, Park Place, Cypress Cadenza and Villas Fashion Island, the first local property to offer the service in January. The service, billed as 50 times faster than the average internet speed in the U.S., is also available commercially at 300 Spectrum, with 400 Spectrum also slated for installation.
The Newport Beach-based real estate company was instrumental in landing Google Fiber, in part because of its installation of empty conduit underneath Irvine—one of the densest business centers in the country—that dates back three decades.
That eliminated costly, major construction, according to Schultz, a 16-year Google veteran and its first Google Fiber employee in OC.
“We’re able to do that cost effectively and quickly,” she said.
More From Alphabet
John Krafcik, former chief executive of Fountain Valley-based Hyundai Motor America Inc., is enlisting “riders” for Waymo’s self-driving vehicle project in metro Phoenix.
The Alphabet unit recently launched an early rider program for interested participants in Chandler, Tempe, Mesa and Gilbert. In the trial run, participants can use the autonomous vehicles for school transportation, work commutes and driving to leisure activities or entertainment venues.
Since Waymo established its self-driving car project in 2009, its vehicles have traveled more than 3 million miles autonomously in areas such as Mountain View, Austin, and Kirkland, Washington.
The technology is powered by a linked system of sensors, cameras and software.
