Mergers and Acquistions News
Categories: Software
March 25th 2011, 15:12PM
Rumours surrounding the sale of TomTom's mapping unit have been quelled, as the company said its software contents assets were "core to the company."
TomTom has been facing fierce competition from mapping rivals Nokia and Google, and it had been rumoured that it was looking into selling as a result of that, Reuters said.
But executive committee member Taco Titulaer told the news provider on Thursday: "Our content assets are core to our strategy and product offering, TomTom is not considering to divest or sell those assets, which includes mapping."
Reports of a possible sale were put forward by Mergermarket, said Reuters. The online service cited two industry sources in its report, saying that the company was facing losing its partnership with Google.
TomTom provides portable satellite navigation systems for use in vehicles. Rivals Nokia and Google offer systems which work on mobile phones.
Despite rumours and upheaval, TomTom's shares were up 0.67 per cent this morning.
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