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Telecommunications Nokia splashes $US8.1 billion for location services leadership
Telecommunications Nokia splashes $US8.1 billion for location services leadership | Nokia splashes $US8.1 billion for location services leadership |
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| by Stuart Corner | |
| Monday, 01 October 2007 | |
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Navteq provides comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. Navteq also owns Traffic.com, a web and interactive service that provides traffic information and content to consumers. The Chicago-based company was founded in 1985, generated 2006 revenues of $US582 million and has approximately 3,000 employees in 168 offices in 30 countries. "Location based services are one of the cornerstones of Nokia's Internet services strategy. The acquisition of Navteq is another step toward Nokia becoming a leading player in this space," said Olli-Pekka Kallasvuo, president and CEO, Nokia. "By joining forces with Navteq, we will be able to bring context and geographical information to a number of our Internet services with accelerated time to market." Nokia says it intends to keep Navteq's current map data business "operationally independent, but organisationally a Nokia Group company." CEO Judson Green will report directly to Kallasvuo.{moscomment}
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