Going on with its buying spree, renowned chipmaker Intel Corp has agreed to buy Israel-based mobile navigation software maker Telmap.

Announcing the deal in a blog posting, Intel said that Israeli mobile software firm would become its wholly-owned subsidiary. Touting the deal, Telmap said it was happy to be acquired by Intel.

Speaking on the deal, Telmap’s chief executive Oren Nissim said, “The unique thing about this transaction is that here comes a giant and says 'We really like what you're doing, we believe in your strategy, we want to enhance and go forward.”

However, neither of the two sides disclosed the financial terms of the deal. But, reports emerging from the Israeli media claim that Intel is paying something in the range of $300 million to $350 million to acquire be Telmap.

The acquisition is expected to benefit Intel in the progress of its AppUP app store. Intel said it would use its new acquisition to provide great consumer services as well as directly provide developers with location-based services, covering devices, CPU architectures and operating systems.

Intel, the world’s leading chipmaker, has already strengthened its position in the software and services market by acquiring McAfee and Wind River.