Automotive Aftermarket Technology

Search Autoparts/Aftermarket-business/Automotive-aftermarket-technology/

Bosch, Continental to acquire stake in digital map provider HERE

Friday, January 5, 2018 - 09:00
Print Article

Bosch is acquiring 5 percent in HERE Technologies, a global provider of digital mapping and location services. The parties have agreed not to disclose the purchase price.

Reuters reported that Continental also is acquiring 5 percent of HERE, which is jointly owned by German automakers BMW, Daimler and Audi; and chip maker Intel. HERE Technologies helps automakers develop high-definition maps to guide self-driving cars so they do not have to rely on third-party companies such as Alphabet, parent company of Google.

The acquisition gives a boost to Bosch’s services business. It also helps HERE take another step toward its goal of becoming a global provider of data-based real-time location services to customers both inside and outside the automotive industry.

“Bosch is more than cars,” says Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH. “Industry 4.0, smart homes, and smart cities are rapidly growing areas of business for us, in which establishing and expanding data-based services will result in synergies with HERE.”

Edzard Overbeek, CEO of HERE Technologies, adds: “We are delighted to have brought on board a strong partner like Bosch, with its broad-based expertise in both the automotive and Internet of Things sectors. Bosch’s strong presence across the Americas, Asia and Europe also offers HERE attractive opportunities to further grow our business globally.”

The acquisition is subject to approval by the antitrust authorities. It is expected to be concluded by the end of the first quarter of 2018.

Subscribe to Aftermarket Business World and receive articles like this every month….absolutely free. Click here.

Article Categorization
Article Details
< Previous
Next >
blog comments powered by Disqus