AMSTERDAM–(BUSINESS WIRE)–TomTom (TOM2) announces that it is strengthening its position in Africa by buying out the minority shareholders of TomTom Africa (Pty) Ltd. Consequently, TomTom increases its ownership from 76% to 100%. This step underlines TomTom’s commitment in providing its partners with high-quality global map and traffic products, and TomTom’s trust in the growth potential in Africa for geospatial applications, smart city services, connected navigation and highly automated driving.
Alain De Taeye, Member of TomTom’s Management Board, comments: “Full control of the roadmap for Africa will accelerate our go-to-market of innovative ADAS (Advanced Driver Assistance Systems) and automated driving applications.”
Financial details were not disclosed.
TomTom created the easy-to-use navigation device, one of the most influential inventions of all time. Since then, we have grown from a start-up, into a global technology company. We design and develop innovative navigation products, software and services, that power hundreds of millions of applications across the globe. This includes industry-leading location-based and mapmaking technologies, embedded automotive navigation solutions; portable navigation devices and apps, and the most advanced telematics fleet management and connected car services.
Combining our own R&D expertise with business and technology partnerships, we continue to shape the future, leading the way with autonomous driving, smart mobility and smarter cities. Headquartered in Amsterdam with offices in 37 countries, we offer advanced digital maps that cover 142 countries, and our hyper-detailed and real-time TomTom Traffic information service reaches more than five billion people in 69 countries. www.tomtom.com
View Source: http://www.businesswire.com/news/home/20180708005043/en/TomTom-Acquires-Full-Ownership-TomTom-Africa/?feedref=JjAwJuNHiystnCoBq_hl-WepL6sRhX6ZA9uIKkLyMC2Ka1ah7uC6RdZY8DBvigxR7fxFuNFTHSunhvli30RlBNXya2izy9YOgHlBiZQk2LO4aHursdTgjq-KNSSWsKUa97ZTKjNldK1STeKrUjqbvg==