Nokia to buy GPS leader Navteq
Nokia announced that it has come to terms to buy GPS systems powerhouse Navteq for a rumored 8.1 billion dollars. GPS-enabled phones will become the norm for Nokia over the next 2 years.
This acquisition positions the cell phone manufacturer for strong growth in the consumer sector which is demanding more interactive and functional uses from cell phones in today’s market.
“Location based services are one of the cornerstones of Nokia’s Internet services strategy. The acquisition of Navteq is another step toward Nokia becoming a leading player in this space,” said Olli-Pekka Kallasvuo, President and CEO, Nokia. “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. We also look forward to maintaining and enhancing the services and support provided to Navteq’s existing and future customers.”
I give this move two thumbs up — keep it coming Nokia!