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)