Garmin Ltd. agreed to acquire Navigon AG, a German company that has a seven percent share in portable navigations devices (PND) and top selling navigation apps for the iPhone and Android platforms in Europe.
Terms were not disclosed. The acquisition would enable Garmin to rapidly expand its OEM business with European automakers, where Navigon has invested significantly, said Cliff Pemble, Garmins president and chief operating officer.
With Navigon, we are also acquiring one of the top-selling navigation applications for the iPhone and Android platforms – something that we expect will help drive revenue for the combined company going forward. Combining Navigons and Garmins strengths also improves our competitiveness and standing, particularly in Europe, said Pemble. Navigon will operate as a subsidiary of Garmin.
