The application will allow for Apples devices to pinpoint GPS locations from indoor locations as opposed to the current availability which only allows for outdoors.
Apple had not disclosed the sale price for which they acquired the application for upon confirmation of purchase however Wall Street Journal did acquire an estimate and reassuring figure thanks to the anonymous sources that they regularly conduct business with.
WifiSlam is a company that currently develops technology to help pinpoint locations within buildings through the use of Wifi signals, particularly for mobile apps to provide a more in-depth location service. The founders of the company, Joseph Huang and Jessica Tsoong are former Google engineering interns.
Part of the deal is due to the demands of bricks and mortar business reportedly wanting to add more location-based data to customers. WifiSlam and its upcoming technologies were first reported on by Venture Beat in August 2012.