updated 09:20 am EDT, Fri July 11, 2008
Nokia finalizes NAVTEQ buy
Nokia has completed its purchase of mapping technology and software maker NAVTEQ after getting the European Commission's approval of the deal earlier this month. Navteq provides data used in a wide range of applications, including automotive navigation systems and web-based applications, such as Google Maps, Yahoo! and other sites. As part of Nokia, NAVTEQ will now continue to develop map data and its technology platform, focusing on adding context-aware services to the web functions of mobile devices, the company said. Such functionality will allow users to quickly and efficiently access data such as restaurant reviews and store hours from the Internet based on their location.
NAVTEQ, which provides mapping information for mobile GPS devices from the likes of Garmin, Delphi, JVC and Magellan, as well car manufacturers such as Ford, Chrysler and BMW, among others, is based in Chicago and employs about 3,000 in 30 countries. Its maps can also be downloaded from the Internet, and feature voice-guided navigation. NAVTEQ software is currently been used in Nokia Maps 2.0, which offers pedestrian navigation in addition to in-car routing, multimedia city guides and satellite images.
The first news of the acquisition dates back as far as October, when it was revealed the deal would be worth $8.1 billion. The move comes after May's European Commission approval of navigation device maker TomTom's bid to purchase mapmaker Tele Atlas.