Nokia Sells Location Analytics Business for EUR 2.8bn

Finnish information technology giant Nokia has sold its HERE digital mapping and location analytics business to a consortium of automotive companies, with a price tag of around EUR 2.8 billion.

Cloud-based solution HERE combines map technology with the collection of data generated by vehicles, mobile devices and infrastructure, to provide real-time location recommendations across devices including smartphones, tablets and wearables.

Last year, Nokia expanded HERE through the acquisition of Finnish mapping start-up Desti, and real-time predictive analytics specialist Medio Systems. The business has now been sold to the consortium which comprises AUDI, BMW Group and Daimler, following Nokia's own merger with Alcatel-Lucent.

Sean Fernback (pictured), HERE President, comments: 'I believe today's announcement is a very good outcome for HERE, its customers and employees. The new ownership structure will allow us to accelerate our strategy, further scale our business and fulfil our intent to become the leading location cloud company across industries'.

Web sites: www.nokia.com and www.here.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.