Digital Trends
If you’ve ever had a GPS unit or online mapping service tell you that an appointment was 20 minutes away by car, only to show up late for it after a 40-minute drive, Navteq’s latest update to its traffic data may help you plan ahead with a little more accuracy. The company, which provides map data to everyone from Google and Yahoo to Garmin, released Traffic Patterns North America v3.0 on Monday, which significantly refines the data these companies use to estimate drive times.
GPS maker Garmin International has formally withdrawn its offer to buy digital mapmaker Tele Atlas, while at the same time announcing it has entered an agreement with rival mapmaker Navteq which will enable Garmin to continue using Navteq map data through the year 2015.
“Garmin has partnered with Navteq for many years,” said Garmin CEO Dr. Min Kao. “Extending our agreement with Navteq ensures the availability of quality mapping data for our customers, and provides a basis for enhanced cooperation which is a win-win for both Garmin and Navteq.”
In a massive transaction designed to ramp up the company’s mobile navigation and services business, the world’s largest mobile phone maker Nokia has announced it has entered a definitive agreement to acquire mapping company Navteq for a $8.1 billion. Navteq, based in Chicago, develops digital mapping technologies widely licenses to GPS device manufacturers and online mapping services.
"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 Nokia president and CEO Olli-Pekka Kallasvuo, in a statement.
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