ThinkNear, a Los Angeles developer of mobile advertising technology, has been acquired by TeleNav, a Silicon Valley provider of mobile GPS systems.

TeleNav of Sunnyvale said the deal closed last week, and ThinkNear’s backers received $22.5 million, which includes $18.5 million in cash, plus restricted stock and options.

ThinkNear operates a growing location-based advertising network. Its “situational targeting” technology displays ads based on location and context, with the ability to target within 100 meters. Its co-founders are Chief Executive Eli Portnoy and Chief Technology Officer John Hinnegan, both veterans of

ThinkNear's 12 employees are expected to join TeleNav’s mobile local advertising group, which will form a new platform for Telenav called Scout Advertising.

The company’s backers included IA Ventures, Google Ventures and Qualcomm Ventures.