Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, November 25, 2013

Apple acquires Israeli 3D chip developer PrimeSense, (NASDAQ: AAPL)

Apple Inc has bought Israel-based PrimeSense Ltd, a developer of chips that enable three-dimensional machine vision, the companies said on Monday, a move that signals gesture-controlled technologies in new devices from the maker of iPhones and iPads.An Apple spokesman confirmed the purchase but declined to say how much it spent or what the technology will be used for. Israeli media said Apple paid about $350 million for PrimeSense, whose technology powers the gesture control in Microsoft Corp's Xbox Kinect gaming system."Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans," an Apple spokesman said in an e-mail.A spokeswoman for PrimeSense said: "We can confirm the deal with Apple. Further than that, we cannot comment at this stage."

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL traded higher by 1.04% or $5.42/share to $525.22. In the past year, the shares have traded as low as $385.10 and as high as $594.59. On average, 12297800 shares of AAPL exchange hands on a given day and today's volume is recorded at 5954870.