Nokia completes its acquisition of NAVTEQ

10 July 2008, 10:02am

July 10, 2008 at 14.45 (CET+1)

Espoo, Finland - Nokia announced today that it has completed its acquisition of NAVTEQ, a leading provider of comprehensive digital map information.

As part of Nokia, NAVTEQ will continue to develop its world-class expertise in the navigation industry, service its strong customer base, and invest in the further development of its industry-leading 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.

Powered by NAVTEQ's industry leading maps data, Nokia will redefine the Internet and connected experiences by adding context - time, place, people - to web services optimized for mobility. By bringing context to Internet services, Nokia will lead the next generation of web innovation.

"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."

Judson Green, President and CEO of NAVTEQ, said: "Nokia has a deep understanding of the requirements for the industry. As part of Nokia, NAVTEQ will further invest in its map and content capabilities and make our products and services easier for all our customers to use and access."

NAVTEQ is a leading provider of comprehensive digital map data for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has approximately 3 000 employees located in 168 offices in 30 countries.

"NAVTEQ's map data already play an important role in Nokia Maps service, which brings downloadable maps, voice-guided navigation and other context-aware web services to people's pockets. Now that the acquisition has been completed, this role will become even more important as context-aware Internet services grow," added Niklas Savander, Executive Vice President for Services & Software, Nokia.

Nokia Maps covers over 200 countries, with over 70 of them navigable. Nokia Maps 2.0 has improved its optional Car Navigation, enhanced its pedestrian navigation, added multimedia city guides, offers satellite images, and is sporting a redesigned user interface

www.nokia.com

www.navteq.com

Geo: International