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November 09, 2007
Mapsolute Acquired By Navteq for $40M
Back in June, the alarm:clock euro's reporter Valerie Thompson speculated that Mapsolute's press announcements indicated that a corporate finance event of some sort was in the works.
News this week confirmed that notion: the German developer of mapping and geo software is being acquired by digital map supplier Navteq Corp, according to GPS Business News
The deal means that Mapsolute's founders will increase their net worth by about $10M each. According to the aforementioned report, founders Alexander Wiegand and Thomas Golob held approximately 55% of the outstanding capital stock of MapSolute.
The two will continue to serve as Managing Directors of MapSolute, according to the same source. Headquartered in Frankfurt, MapSolute has 95 employees and several international offices.
Posted on November 9, 2007 09:44 AM | Posted to News And Updates | Permalink
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