Garmin wraps up acquisition of Navigon
One GPS giant absorbs another with Garmin's purchase of Navigon.
It's official: Garmin now owns Navigon AG. You'll likely recognize Garmin as the manufacturer of the Nuvi and Zumi lines of portable navigation devices and Navigon as the creator of navigation apps for iOS and Android. Garmin announced that it had signed an agreement to purchase Navigon back in mid-June and today announced that the acquisition has been completed for an undisclosed amount.
In absorbing Navigon, Garmin stated that it was "also acquiring one of the top-selling navigation applications for the iPhone and Android platforms." This is important because the portable navigation devices have been losing ground to smartphone navigation apps, a market that Garmin has not played a large role in until now. Garmin will also be getting Navigon's market share in the European portable navigation device market and OEM automotive navigation technologies.
Navigon board member Egon Minar states, "We are excited to be a part of Garmin and we look forward to turning our efforts toward integration and the opportunities ahead. Navigon has an innovative new product lineup that we're excited to bring to market in time for the holiday 2011 season and beyond."