UPDATE 1-Microsoft buys online mapping company Multimap
(Adds background on industry consolidation)
NEW YORK Dec 12 (Reuters) - Microsoft Corp (MSFT.O) said on Wednesday it has acquired Multimap, one of Britain's top online mapping companies.
Financial terms were not disclosed.
Microsoft's acquisition is the latest in a series of deals in the consolidating digital mapping industry. Dutch navigation device maker TomTom NV (TOM2.AS) launched a takeover bid for digital map maker Tele Atlas NV TA.AS last month.
Mobile phone manufacturer Nokia Oyj (NOK1V.HE) also agreed to acquire Navteq Corp. NVT.N for $8.1 billion in October.
Microsoft said the deal gives it location and mapping technology that complement its existing offerings such as Virtual Earth, Windows Live Search and other online services. Multimap will operate as wholly owned subsidiary of Microsoft.
"This acquisition will play a significant role in the future growth of our search business and presents a huge opportunity to expand our platform business beyond the U.K. and globally," said Sharon Baylay, general manager of the Online Services Group at Microsoft. (Reporting by Franklin Paul and Daisuke Wakabayashi, editing by Maureen Bavdek)
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Malaysian plane crashed off Vietnam coast: state media
- Fresh confrontations raise tempers on ground in Crimea |