Boston, MA 07/07/2014 (wallstreetpr) – Nokia Corporation (ADR) (NYSE:NOK) has returned to Israel through acquisition of a 3D technology developer. The company exited operations in Israel after it closed its research and development facility in 2012 and passed the ownership of the facility to employees who renamed it Atrinet.
In the latest move in Israel, the Finnish company acquired the 3D modeling business of NICE System. The technology will enable the company to enrich its mapping solutions not only on mobile devices but also cell networks.
After selling its devices and services business to Microsoft Corporation (NASDAQ:MSFT) for about $7.3 billion earlier this year, Nokia has been focusing on boosting its businesses that include network solutions and Nokia HERE that provides navigation solutions.
The sale of Nokia devices was necessitated by the fact that the company had fallen behind rivals Apple Inc (NASDAQ:AAPL) and Samsung Electronics in the mobile business.
The company has been using the funds gained from the sale of the devices unit to make acquisitions that boost its remaining operations.
String of acquisitions
In addition to the acquisition of NICE System in Israel, Nokia Corporation (ADR) (NYSE:NOK) also closed a deal last week to purchase SEC Wireless, a specialist network technology based in the U.S. The sum of the deal was not disclosed.
According to Nokia EVP for North America, Ricky Corker, the acquisition of SAC will increase the market share of the company in the network implementation space. SAC has a nationwide footprint and a proven track record in network implementation working with major operators.
The purchase of SAC includes acquisition of nearly 450 employees and various assets and businesses.
Growth-bound
Nokia Corporation (ADR) (NYSE:NOK) closed up $7.73 percent on Friday, giving it one-year gain of nearly 90 percent. The company is valued at $29 billion.
Out of 38 analysts covering the stock, 17 have a Buy recommendation, 16 a Hold and five a Sell. As such, the stock has a median recommendation of a Hold and 12-month price target of $12.09 per share.
