NAVTEQ Secures All NAVIGON Off and Onboard Business for Three Years
Written by NAVTEQ
Monday, 09 June 2008
NAVTEQ Secures All NAVIGON Off and Onboard Business for Three Years - Three year contract and preferred supplier status awarded
CHICAGO, June 9 -- NAVTEQ (NYSE: NVT), a leading global provider of digital maps for vehicle navigation and location-based solutions, has reached a three year agreement for Europe to provide NAVIGON with maps as a preferred supplier. The agreement covers onboard navigation across all NAVIGON's PNDs plus software products for other PND brands and mobile phone customers worldwide. This is in addition to a recent contract to supply mapping products for NAVIGON's off board business.
It is the most comprehensive contract NAVIGON has awarded NAVTEQ in the companies' six year relationship and is a logical progression following many joint global successes across different business sectors. The most recent illustration of this successful collaboration is NAVIGON's FreshMaps initiative, which highlights the company's strong wish to develop the map aspect of its business. With FreshMaps, NAVIGON customers will be able to get NAVTEQ maps updated every three months.
The intention of this agreement is that the two companies will work together over the coming years on both a series of new products as well as a variety of initiatives involving NAVTEQ products and services.
"While we had an established and successful track record with NAVTEQ, we took an objective approach to this contract," explained Jorn Watzke, Vice President Product Line Management. "After exhaustive analysis, we selected NAVTEQ for the quality of data, value of offering and ability to strategically collaborate with NAVIGON to help us achieve our objectives and significantly grow our global PND and wireless business."
"As NAVIGON is one of the world's leading innovators of high-quality navigation, we are very pleased with the three year agreement. Given NAVIGON's focus on introducing new content and capabilities, NAVTEQ is well placed to provide support," said Jeff Mize, Executive Vice President, NAVTEQ Global Sales. "We introduced over thirty new content features in 2007 alone and will be supporting our customers in bringing a variety of additional features to the market in the future."
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. The Chicago-based company was founded in 1985 and has more than 3,600 employees located in 187 offices and in
39 countries.
NAVTEQ is a trademark in the U.S. and other countries. All rights reserved.
About NAVIGON
NAVIGON AG is one of the world's leading innovator of high-quality navigation devices standing for outstanding technology in attractive lines. Besides the company offers GPS software solutions for well-known electronic brands as well as automotive components for driver assistance systems. Founded in 1991, NAVIGON employs a total staff of more than 400, and is represented by its own offices in Asia, Europe and North America. -- NAVIGON. And the world is yours.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in each of the Company's most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission.
Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document.
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