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NAVTEQ acquires South Korean map provider

NAVTEQ, a leading global provider of digital map data for vehicle navigation and location-based solutions, has acquired PMI, a South Korean digital map company, for $28.5 million. With the purchase, NAVTEQ now has a local presence in South Korea and a digital map product available to service the dynamic Korean market.

Every automobile manufacturer that currently offers a navigation system in Europe and North America uses NAVTEQ maps in one or more of its models, and NAVTEQ is a leading provider of digital maps for the mobile navigation device and location-based services industries. At $14 million in annual revenue in 2004, PMI’s sales of digital maps and related software and services stem from a robust customer base including the leading Korean wireless carriers, automobile system vendors, online mapping companies and automobile suppliers.