According to Garmin President Cliff Pemble, the acquisition helps Garmin to rapidly expand its automotive OEM footprint. “With Navigon, we are also acquiring one of the top-selling navigation applications for the iPhone and Android platforms – something that we expect will help drive revenue for the combined company going forward," Pemble said.
In addition to its automotive OEM and navigation application for smartphones, Navigon has an estimated seven percent share in portable navigation devices (PNDs) in Europe. In regards to PNDs, Navigon's products are known for their compelling design, performance, and innovative software features.
Navigon will operate as a subsidiary of Garmin Ltd. The acquisition is subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction will not be released. Garmin provides a broad range of in-vehicle electronics for the automotive industry, including automotive grade infotainment and telematics systems, navigation software, and integrated portable navigation systems.
Since its inception in 1989, Garmin has delivered 85 million GPS enabled devices – far more than any other navigation provider. Garmin's market breadth in the GPS industry is second to none, having developed innovative products and established a leadership position in each of the markets it serves, including automotive, aviation, marine, fitness, outdoor recreation, tracking, and wireless applications.