Wednesday, July 9, 2008

Nokia Completes Acquisition of NAVTEQ

Nokia completed its acquisition of NAVTEQ, a leading provider of comprehensive digital map information. The deal was first announced in November 2007.

NAVTEQ brings a number of key assets to Nokia: maps and navigation industry expertise, an existing customer base and a map data and technology platform with broad geographical coverage. The company 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, a web and interactive service that provides traffic information and content to consumers.

NAVTEQ generated 2006 revenues of $582 million and has approximately 3,000 employees located in 168 offices in 30 countries. The company is based in Chicago and was founded in 1985.

As part of Nokia, NAVTEQ will continue to develop its expertise in the navigation industry, service its customer base, and invest in the further development of its map data and technology platform. It will continue to build out and expand coverage of countries already included in its database as well as add new pieces of both static and dynamic content.


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