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TomTom to form a joint venture with China’s AutoNavi

The Netherlands: Dutch navigation device and digital map maker TomTom NV said that it will form a joint venture with Chinese digital map maker AutoNavi Holdings Ltd., as it continues its push into Asia.

Financial details weren’t disclosed but the firms said AutoNavi will have a 51% stake and TomTom the remaining 49%.

“This allows our customers to have access to the highest quality map data and advanced features that exist in China within the standard TomTom format which expands on our ability to offer our customers a global solution,” said Alain De Taeye, TomTom management board member.

The firm has only recently broken into Asian markets; in June it introduced its personal navigation device in China and last month it broke into the Singapore and Malaysian markets.

AutoNavi provides digital map content and navigation and location-based solutions in China through a comprehensive nationwide digital map database that covers approximately 2.8 million kilometres of roadway and over 12.5 million points of interest across the country.

The firm is trying to bolster its offerings by making its traffic software compatible for smartphones and by building a content and services franchise through its digital map maker, TeleAtlas, which it bought in 2007 for EUR2.9 billion.

Source: FOXBusiness