Collaboration

Nokia acquires Navteq for a whopping $8.1 billion

Nokia has acquired the digital map maker Navteq for a whopping $8.1 billion all cash deal to enhance its navigation services in future devices.

Nokia has acquired the digital map maker Navteq for a whopping $8.1 billion all cash deal to enhance its navigation services in future devices.

A quote from the article at News.com:

Location-based services are "one of the cornerstones of Nokia's Internet services strategy," Nokia CEO Olli-Pekka Kallasvuo said in the statement. "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."

There was speculation that Google would buy Navteq once Tele Atlas, NavTeq's main rival, was acquired by GPS-maker TomTom. However, the Nokia deal seems to signal its thrust in the area of Internet-based services.

NavTeq will continue to retain its customers and also strengthen Nokia's focus on location-based services in its devices.

More news links:

Nokia to buy NavTeq for $8.1 billion (NY Times)

Nokia to acquire GPS map firm NavTeq for $8.1 billion (AHN)

Nokia splashes US $8.1 billion for Location services leadership (ITWire)

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