Garmin signs agreement to acquire Navigon

Garmin and Navigon have announced today that they have signed an agreement that will have Navigon become a subsidiary of Garmin. With Garmin's experience in the automotive business and Naivgon being one of the top-selling navigation applications in the Android Market, the two companies are hoping their combined efforts will help ensure long-term revenue for the future as well -- bring some new innovations to the market for consumers as Egon Minar, CEO of Navigon, stated:

“We look forward to sharing expertise, technologies, and relationships between Navigon and Garmin in order to serve more customers, expand product offerings, and lead the market in hardware and software innovation,”

Sounds good to us. The deal for the most part is closed at this point but both companies are now waiting for regulatory approval, which, is expected to arrive soon. For more details you'll find the press release right after the break.

Garmin® Ltd. Announces Signing of Agreement To Acquire Navigon® AG

Schaffhausen, Switzerland and Hamburg, Germany /June 14, 2011/Business Wire — Garmin Ltd. (Nasdaq: GRMN) and Navigon AG announced today that Garmin Ltd. and the shareholders of Navigon AG have signed an agreement for a subsidiary of Garmin to acquire privately-held navigation provider Navigon AG ("Navigon").


“This acquisition is a great complement to Garmin’s existing automotive and mobile business.  Navigon has invested significantly in the European automotive OEM business, and we feel that we can rapidly expand our automotive OEM footprint and capabilities through this transaction,” said Cliff Pemble, Garmin’s president and COO.  “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. Combining Navigon’s and Garmin’s strength also improves our competitiveness and standing particularly in Europe.”
Navigon is headquartered in Germany.  In addition to its automotive OEM and navigation application for smartphones, the company has an estimated seven percent share in portable navigation devices (PNDs) in Europe.  In regards PNDs, Navigon’s products are known for their compelling design, performance, and innovative software features.


“We look forward to sharing expertise, technologies, and relationships between Navigon and Garmin in order to serve more customers, expand product offerings, and lead the market in hardware and software innovation,” said Egon Minar, CEO of Navigon.  “Our two companies each bring complementary strengths to the table, but what we share is a passion for customer satisfaction through innovation.”

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.

About Garmin Ltd.
The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin and Forerunner are registered trademarks and ANT+ and Garmin Connect are trademarks of Garmin Ltd. or its subsidiaries. 

About NAVIGON AG:
NAVIGON AG is a world-leading navigation company from Germany. With own portable navigation devices and thanks to successful partnerships in the consumer electronics, mobile phone service and automotive sectors NAVIGON stands for high-quality GPS navigation for PNDs, smartphones and other platforms. NAVIGON develops software for all relevant operating systems. NAVIGON was established in 1991, with subsidiaries in, Europe, Asia and North America.

 

Reader comments

Garmin signs agreement to acquire Navigon

6 Comments

I see this as Garmin's way of gaining Navigon's visual intersection display without stepping into a patent minefield. Other than that, Navigon has nothing much it can teach Garmin.

Garmins route guidance is the best bar none, even better than Tom Tom, and Google Navigation. It will invariably deliver you to the correct side of a street, unlike the others which will often deliver you to the wrong side of 6 lanes of traffic.

But Garmin's interface is a tad dated, and taking a competitor out of the market place makes sense.

Garmin has started to use Android on its new line of dash-board nav devices, and their phones, while nothing to write home about, still retain the best features of their nav units.

Here is where the inevitable hoard of "Dash Nav is dead" posts show up. For my money, if I could only have ONE UNIT, it would be a Android phone with Google Nav.

That being said, I am not limited to only one, and would never give up my Garmin dash nav, even with two Android phones in the same car, the Garmin does a better job. I have better things to do with my phone than tie it up navigating on long trips.

i hate companies like garmin, bought their software when i had blackberry, barely used it and then got a new bb device, called them for a new key they said i have to pay $100 for it! i was shoked.. with free google navigation, i hope ripoff companies like garmin will die....