Spyglass to acquire Navitel

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Naperville, Ill.--Spyglass announced it signed an agreement to acquire Navitel Communications, a developer of Windows CE-based software and applications platforms for Internet-enabled telephones. Under the agreement, Spyglass will give Navitel stockholders 1.25 million shares valued at about $11.3 million. Spyglass earlier had announced a deal to license its Mosaic software technology to Microsoft Corp. and help develop Windows CE products, in return for $20 million over the next three years. (From RCR.)
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