Chicago, USA, December 6, 2006 – NAVTEQ, a provider of digital maps for vehicle navigation and location-based solutions, has agreed to acquire The Map Network, a privately-held Washington DC based producer of official maps for travel destinations, special events and major hotels and marquee venues for $37.5 million in cash, subject to certain adjustments and closing conditions.
The Map Network’s content and capabilities are a natural extension of NAVTEQ’s core map business and will enable NAVTEQ to augment its portfolio with rich, location-specific detail. In addition to the enhanced local content, The Map Network’s proprietary mapping tool allows clients to customize the map in real-time and publish to a network of map users.
The company produces detailed, accurate maps, in both print and online form, for over 90 U.S. cities, more than 200 trade shows and events and a number of leading convention centers, stadiums and hotels. “We have been a customer of NAVTEQ for about 2 years, so our employees already know each other and work together effectively. We are comfortable with one another’s technology but more importantly, we share the same vision and passion for enhancing the map experience,” said Shane Green, President and CEO, The Map Network.
The Board of Directors of each company has approved the agreement. NAVTEQ management expects the transaction to close in the next several weeks and to be slightly dilutive to earnings per share in 2007.
– About The Map Network
The Map Network (TMN), based in Washington, DC, currently serves as the Official Map of the Destination Marketing Association International and the Convention and Visitors Bureau in more than 90 U.S. cities. TMN is also the Official Map of such leading associations as IAEM, ASAE, HSMAI, and PCMA. More than 200 events have used TMN’s custom map-guides, including more than 25 of the Tradeshow Week Top 200 trade shows, both the Republican and Democratic National Conventions in 2004, Marine Corps Marathon, Super Bowl XL and XLI, and a number of leading convention centers, stadiums and hotels. For more information visit www.mapnetwork.com.