NAVTEQ Purchases Traffic.com
Big news in mapping and traffic reporting systems today as NAVTEQ has purchased Traffic.com. The deal is reportedly for about $179 million in cash plus stock. This looks to be a fantastic move for NAVTEQ as Traffic.com provides a fantastic service. (We’ve previously covered some of the things we really like about traffic.com in our Beating the Traffic for Free article which talks about a low-tech approach to integrating traffic.com information into your GPS travels. There ought to be some good bundles (maps and traffic) that GPS device manufacturers could purchase being offered in the future.
“Our focus is on enhancing our map with content that brings the map to life and increases the utility and convenience of navigation devices. We have long believed in the value of traffic data and this acquisition is a natural and logical progression for Navteq,” said CEO Judson Green. “Traffic.com brings a stream of high-quality, proprietary traffic content and a unique technology platform for the delivery of this and potentially other content. Combined, the two companies have the potential to create and deliver advanced dynamic content that will fuel the next generation of location-enabled applications.”
Traffic.com currently serves about 50 markets, and the deal is expected to close before the end of March, 2007.