TomTom’s car deals now worth $1.76 billion | Smart Highways Magazine: Industry News

TomTom’s car deals now worth $1.76 billion

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Multinational developer and creator of navigation technology TomTom has announced its deals with carmakers are worth about €1.6 billion ($1.76 billion).

TomTom reportedly said it would focus on growing its digital maps business after it sold its fleet management business to Japan’s Bridgestone for €910 million.

Reuters reports TomTom said it expected to increase its revenue from location technologies, such as maps, by 10% each year until 2021, aiming to speed up that growth in the years after that. The company also said it would look at its cash position next year to decide on a possible share buyback programme.

“We see great opportunities in connected driver navigation, autonomous driving and maps applications, where location-based applications are key components,” Chief Executive Harold Goddijn told Reuters.

 
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