The navigation area is a fast growing
business, and with location-based services expanding rapidly into mobile
communications devices, the industry is poised for even further growth. NAVTEQ brings a number of key assets to
Nokia: a great team with best-in-world maps and navigation industry expertise, a
strong customer base and an industry-leading map data and technology platform
with the broadest geographical coverage.
NAVTEQ will continue to provide the most
advanced and flexible map data platform to navigation industry players. With
NAVTEQ, Nokia will further strengthen its location based services offering and
bring to market the most innovative, context aware Nokia Internet services with
accelerated time to market.
NAVTEQ is a leading provider of
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 $582 million and has
approximately 3,000 employees located in 168 offices in 30
countries.
Nokia is the world's largest mobile device
manufacturer with more than 900 million people using a Nokia mobile device
around the world. Driven by Internet and digital convergence, Nokia is expanding
its offering to include areas such as entertainment, communities and location
based services. Shipping with the GPS-enabled Nokia N95 multimedia computer, the
Nokia Maps solution is one of the most advanced location based services in the
marketplace today.
"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. We also look
forward to maintaining and enhancing the services and support provided to
NAVTEQ's existing and future customers".
"Nokia's
unique vision for location based services aligns perfectly with NAVTEQ's vision
to enable everyone to find their way to people, places and opportunities on
mobile communications devices, cars, desktop computers and in all the other
places that are important to them," said NAVTEQ President and CEO Judson Green.
"It's really exciting to imagine what we can achieve by combining our location
experience with the resources of a company that has a customer base of more than
900 million people."
In commenting on the transaction,
Christopher Galvin, Chairman of the Board of NAVTEQ, said "Nokia's offer of $78
per share reflects a very attractive valuation for NAVTEQ's stockholders,
representing a 34% premium to our stock price of one month ago. In considering the offer, we approached other
potential purchasers about their possible interest in NAVTEQ and our Board took
those contacts and discussions into account in determining that Nokia's proposal
was the best opportunity available to maximize value for our
stockholders."
Nokia is the world leader in mobility,
driving the transformation and growth of the converging Internet and
communications industries. Nokia makes a wide range of mobile devices and
provides people with experiences in music, navigation, video, television,
imaging, games and business mobility through these devices. Nokia also provides
equipment, solutions and services for communications networks.
http://www.Nokia.com
About NAVTEQ
NAVTEQ is a leading provider of
comprehensive digital map information for automotive navigation systems, mobile
navigation devices, Internet-based mapping applications, and government and
business solutions. NAVTEQ creates the digital maps and map content that power
navigation and location-based services solutions around the world.
Do you have a location-aware application, social location service or other location-sensitive service that you'd like to share with us? Please browse this growing directory of Social location Services and feel free to leave a link to your favorite service! See the Directory HERE
Nokia Dev Summit - Join us in San Francisco, a center of mobile application development,
for two days packed with technical and business sessions, hands-on
coding labs, demos, and networking opportunities. San Fran June 9-10, 2010
The Location Business Summit,
being held on April 28th-29th in Amsterdam - The largest location
conference in Europe features an unrivalled speaker line-up with
executives never seen at a LBS event before. This epic list of 50+
speakers includes the advertising agencies, brand names and mobile
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SocialTech 2010 - SocialTech
2010 brings together the visionaries and experts who are using the
power of social media to transform the way that B2B technology
companies market their products and services. March 25, 2010, San Jose,
CA
The NAVTEQ 2010 Global LBS Challenge Awards Ceremony
will be held during Ignite at O'Reilly Where 2.0. Be among the first to
hear as NAVTEQ announces the winners for the North America region.
Participants will be competing for a global prize pool of $10 million
and growing by showcasing pre-commercial location-enabled apps using
NAVTEQ map data & products. March 30, 2010, during Ignite Where,
7:30pm - 9:00pm, at the Marriott San Jose, CA
WHERE2.0 2010
- Now in its sixth year, the Where 2.0 Conference is where the
grassroots and leading edge developers building location-aware
technology intersect with the businesses and entrepreneurs seeking out
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