STOCKHOLM, Sweden--Wayfinder and Navicore have today announced that an agreement has been signed finalising the acquisition of the Finnish navigation company Navicore by Wayfinder.
By joining forces the combined entity will offer award winning location applications and services on all major platforms in connected mobile devices. The user base will exceed one million users with more than 200 000 paying users. There will be no dilution effect for existing shareholders in Wayfinder and the profit per share will not be affected by the acquisition.
Navicore is the premier provider of interactive on-board navigation products for smart phones and Nokia Internet tablets. Navicore products are sold in 30 countries across Europe, North America, Middle East, South Africa and Australia.
The acquisition of Navicore strengthens the Wayfinder strategy to have a complete and outstanding offering to handset and multimedia device manufactures as well as operators around the world.
“Joining forces with Wayfinder will greatly enhance the user experience and the service offering to all Navicore users. We see it as a natural and exciting step to combine these two leading entities into one”, says Juha Murtopuro, CEO of Navicore Oy.
The Wayfinder group will solidify its market leadership by offering location applications and services on all major platforms, such as Java (including Blackberry), Symbian, Linux and Microsoft.
“We are very pleased with this acquisition, and with the invaluable competence Navicore will bring to the company. The Navicore platform will be further developed and fully supported to the benefit of all Navicore users,” says Magnus Nilsson, CEO of Wayfinder Systems AB.
Wayfinder management does not foresee additional capital requirements as a result of the acquisition. There will be no dilution effect for existing Wayfinder shareholders and the profit per share will not be affected by the acquisition.
The transaction was completed July 2nd, 2007.
About Navicore
Navicore is a provider of interactive navigation products for connective mobile devices running on different operating systems like Symbian and Linux. Navicore Personal software together with a GPS turns your connective mobile device into a fully functional navigator that is always with you. A connective mobile device based solution provides the most convenient and easiest way to navigate while driving a car, cycling or walking. Navicore products are widely retailed in Europe, the Middle East, South Africa and Australia. For more information, please visit www.navicoretech.com
About Wayfinder Systems
Wayfinder offers map, direction and GPS navigation services accessible by mobile phones. From these basic navigation services, we provide mobile phone users with content services including digital city guidebooks traffic information, currency conversion and weather reports. Wayfinder has selected Tele Atlas digital maps because they are complete, accurate and up-to-date. Our clients include major handset manufacturers and operators such as Telenor, 3, Cingular, Vodafone, SFR, Pannon, Telefonica and Mobilkom Austria. The products are sold to end users throughout Europe and North America. Wayfinder has over 700 000 unique users. Wayfinder has been listed on the NGM Equity stock exchange since 21st October 2005. Wayfinder and Navicore, combined, currently have 90 employees. For further information, please visit ww.wayfinder.com.
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