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New Maps Platform Positions TomTom for Accelerated Growth

By GeoConnexion - 1st March 2023 - 20:13

TomTom (TOM2), the geolocation technology specialist, announced it will introduce significantly improved maps, built on a new Maps Platform. The new maps offer broader geographical coverage, an extended set of supported data types, and faster update cycles. The company expects the product to improve its competitive position and enable it to enter new markets. The Maps Platform will allowTomTom to accelerate growth, both in the Enterprise and Automotive businesses. It supports the company’s ambition to generate Location Technology revenue of €600 million in 2025, implying a compound annual growth rate in excess of 10%.2 With faster growth, TomTom should benefit fromoperating leverage, resulting in a free cash flow yield of 10% of group revenue by 2025. TomTom’s record €2.4 billion Automotive backlog, meanwhile, provides a strong foundation for revenue growth. The Automotive backlog has increased by €500 million compared with the end of 2021.

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