M&A Activity • Jun 25, 2007
M&A Activity
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Amsterdam, 21 June 2007 - TomTom, the world's largest navigation solution provider, announced today that it has acquired the entire world-wide patent portfolio of Horizon Navigation Inc. Horizon has been a leader in the design of vehicle navigation systems for eighteen years. It developed original equipment navigation solutions for General Motors, Ford, Chrysler, Porsche, and Nissan. In addition, Horizon designed aftermarket products for Audiovox, Clarion, Dual and Cobra Electronics.
Horizon has also agreed to provide US based R&D to augment TomTom's development teams and will continue to develop its own software products.
Financial details of the transaction were not disclosed.
Harold Goddijn, TomTom's Chief Executive said "We are delighted to acquire these important patents, many of which were invented in the early years of GPS. Horizon's patents will add to our own rapidly growing patent portfolio."
Laura White, Horizon's President and CEO said "We are looking forward to contributing our navigation experience to assist TomTom, as well as continuing to provide creative solutions to our expanding customer base."
| TomTom | Horizon |
|---|---|
| Taco Titulaer | Mr. John Angerman |
| Investor Relations | VP Business Development |
| [email protected] | [email protected] |
| +31 20 753 5194 | +1 248 437 7421 |
TomTom NV is the world's largest navigation solution provider. TomTom's products are developed with an emphasis on innovation, quality, ease of use and value. TomTom's products include all-in-one navigation devices which enable customers to navigate right out of the box; these are the award-winning TomTom GO family, the TomTom ONE range and the TomTom RIDER. TomTom PLUS, is the location-based content and services offering for TomTom's navigation products easily available through TomTom HOME. TomTom also provides navigation software products which integrate with third party devices; the TomTom NAVIGATOR software for PDA's and smartphones. TomTom WORK combines industry leading communication and smart navigation technology with leading edge tracking and tracing expertise. TomTom's products are sold through a network of leading retailers in 25 countries and online. TomTom was founded in 1991 in Amsterdam and has offices in Europe, North America and Asia Pacific. TomTom is listed at Euronext, Amsterdam Stock Exchange in The Netherlands. For more information, go to http://www.tomtom.com.
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