Friday, 11 July 2008

Nokia Completes NAVTEQ Acquisition

Nokia today completed its acquisition of digital map provider NAVTEQ.

With the closing of this deal, NAVTEQ will continue to develop its navigation industry, service its customer base, and invest in the further development of its map data and technology platform.

It will also 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.

"Nokia and NAVTEQ together make a powerful combination, and customers will benefit as the transaction enables NAVTEQ to accelerate its expansion into new regions and introduce innovative new content. This is an industry poised for further growth and NAVTEQ will play a major role in the field," said Olli-Pekka Kallasvuo, President and CEO, Nokia.

"The addition of NAVTEQ comes at the right time for Nokia's business, allowing us to create the leading location platform just as context-aware and location-based Internet services expand rapidly into mobile communications devices."

Nokia Maps covers over 200 countries, 70 of them navigable. Its latest version, Nokia Maps 2.0 offers car navigation, enhanced pedestrian navigation, multimedia city guides and satellite images.