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TomTom to buy Tele Atlas N.V.
Much to beat the tom-toms about
TomTom navigation systems has announced that it plans to purchase Tele Atlas N.V., its main supplier of digital maps, for US$2.8 billion. Tele Atlas is a provider of map images and data for online mapping Websites, including Mapquest.com and Google Inc.
Tele Atlas also provides data to other navigation system makers and mobile phone makers and announced that it will continue to do after the purchase by TomTom. TomTom has shown incredible growth and strong revenue, and reported its Q2 earnings with net profit up 81% from one year ago.