Switzerland - Navigation-equipment supplier Garmin will purchase privately held
rival Navigon, the companies announced.
purchasing Germany-based Navigon mainly to "rapidly expand our [European] automotive
OEM footprint and capabilities through this transaction," said Cliff Pemble,
Garmin president/COO. Garmin will also gain from acquiring one of the
top-selling navigation applications for iPhones and Android smartphones, he
In the U.S., Navigon
exited the portable navigation device (PND) market
in 2009 after two years
but continues here to offer navigation apps for smartphones. In the U.S.,
Garmin is among the top providers of PNDs but also markets handheld GPS for
outdoor users, navigation apps for smartphones, commercial navigation
equipment, and navigation technology on an OEM basis to aftermarket mobile
electronics suppliers and to automakers.
Navigon will operate as a subsidiary of
Garmin. The acquisition is subject to regulatory approval. Financial terms were
Schaffhausen, Switzerland - Navigation-equipment supplier Garmin will purchase privately held rival Navigon, the companies announced.