In December 2011, Grizzly Analytics released its first comprehensive report on indoor location positioning technology, predicting that indoor location services were ready to revolutionize the mobile market. The five months that followed have shown how true this was, with new initiatives announced on a regular basis and numerous demonstrations at industry conferences, Grizzly Analytics says.
In a fully revised and updated 163-page report, Grizzly Analytics gives an up-to-date analysis and comprehensive overview of indoor location positioning R&D. Included is information on the research activity of all the major mobile companies — Google, Microsoft, Samsung, Apple, Nokia, RIM, Cisco, Qualcomm, Broadcom, STMicroElectronics, Sony Ericsson and others — and also more than 30 start-up companies that are actively bringing indoor location services to market.
“These technologies are poised to revolutionize smartphone usage by enabling GPS-style mapping, navigation, local search, check-ins, location-sharing and other location-based services to work indoors in malls, megastores, offices, airports, casinos and other big indoor places,” according to a statement by Grizzly Analytics. “Indoor location will also transform commerce, enabling searching for items on store shelves, sending deals and promotions to nearby customers, advertisements for nearby stores in malls, and more. Location services are also entering the enterprise, with indoor asset tracking, employee search, and more.
“In this updated technology trend report, Indoor Location Positioning: Research Pipelines, Start-ups and Predictions, Grizzly Analytics answers the questions you have about this new technology. What approaches are being researched by different companies? Which companies have mature research? What are the gaps in each company’s research that they are likely to fill by acquiring start-up companies? Which start-up companies are likely to be acquired or to emerge successful in the market? What areas of technology are not yet addressed by start-ups, and remain open to new entrepreneurs and investors?”
Get out of the way, GPS. Wi-Fi is elbowing in on the location game. Wi-Fi operators are tracking people and offering retailers and marketers access to customers’ behavior and location. Traffic patterns emitted by smartphone Wi-Fi signals let network operators keep tabs on what shoppers are doing. Heat maps are being created with data from Wi-Fi points to map out aggregated customer behavior. Nearbuy Systems offers stores software that will let them track the website that a shopper is viewing, overlaid by where the shopper is within the store. However, beware of companies’ hyped up claims on indoor location. Another worry is the deployment of proprietary location systems which reduce overall usefulness. And some offerings are simply PowerPoint aspirations. In other news, Apple and Google are kings of the hill; in-vehicle mapping belongs to Nokia; and location privacy of a different sort.
Fragmented Indoor Location. If proprietary indoor location systems are developed, the market will be hampered. Ben Rodilitz of Level8 noted that, while attending GPS Wireless last March, he was bemused by the excitement regarding indoor location as manifested in a number of one-off, proprietary systems. If Home Depot used its own system, an airport used another, and a shopping mall implemented a third, ubiquitous indoor location would be problematic. “I know companies like Qualcomm, Broadcom, and SiRF/CSR were building competing platforms; one would hope this is a vehicle for best-of-breed choices for service providers,” says Rodilitz. I am glad to see the formation of the In-Location Alliance and the players who are supporting it.”
Other Complications. The nuts and bolts of indoor location aren’t easy peasy. “For detailed location pinpointing in places like malls, a high density of Wi-Fi radios need to be deployed and it isn’t super cheap to do so,” says Joseph DeStasio of Boingo Wireless. Stores may want to deploy a denser Wi-Fi system than in the outer mall. But it can be a clunky transition between two different Wi-Fi systems. DeStasio estimates that true mobile retail location-based advertising/couponing at malls is still 18 months away.
Mapping in Vehicles. Nokia may be battered, but the mapping it acquired years ago from its acquisition of Navteq is shining bright. Companies have long fought over “ownership” of the in-dash navigation market, and Navteq lords over the market, powering four out of five systems. Nokia has deals with many car makers, including BMW, Hyundai, Mercedes, and Volkswagen, as well as with Pioneer and Garmin.
Wireless Data Privacy and Mooching. There is always an interesting mobile location privacy case. In Pennsylvania, police obtained a warrant to search the house where child pornography was being downloaded. Police determined that the offender was a neighbor who had been free-loading on the house’s wireless Internet. The suspect was found with Moocherhunter, an app to identify wireless moochers. The suspect argued that police needed a warrant to use the app to locate him. The court ruled that he “could have no reasonable expectation of privacy in the signal he was sending to or receiving” from the wireless router.
More on Wi-Fi. Towerstream is building wholesale Wi-Fi access points across some urban regions, including Manhattan, with 1,000 access spots arranged in a giant dense honeycomb across the Big Apple. Before you equate this with previous municipal wireless disasters, know that these networks are several times fasters and don’t involve local government.
Towerstream is granting users four hours use with no charge if the user will interact with a location specific advertisement. These deals may be targeted to within dozens of feet of the user. Since service over Wi-Fi doesn’t count against U.S. mobile data limits, usage is particularly appealing to 18-34 year olds, who may be wallet constrained and open to viewing location-based ads in exchange for streaming video at high speeds.
Oligopoly! Google’s Android and Apple’s iOS continue to wipe the floor with their competition. Together they controlled 87.9 percent of the U.S. smartphone market in October, according to comScore. Android ended October with 53.6 percent nationwide smartphone share, increasing 1.4 percentage points over July. iOS grew its U.S. market share from 33.4 percent in July to 34.3 percent in October, a 0.9 percent improvement.
Tweet This. Use of social media and social networking is growing rapidly. Consumers continue to spend more time on social networks than on any other category of site—roughly 30 percent of total time online via mobile, reports Nielsen and NM Incite. Facebook remains the top social network, followed by Twitter and Blogger, but new social media sites continue to emerge.
Foursquare Wants Money. The tepid, if not poor, performances of social media IPOs has made investors skittish. The fates of Facebook, Zynga and GroupOn stocks have weighed heavily on this category. Foursquare, which pioneered location check-ins and is now succeeding with target location couponing, is having difficulty attracting added investment, reports the Wall Street Journal. Foursquare counts more than 25 million registered users, with only about 8 million accessing the app monthly. Some investors believe the company is moving too slowly to monetize.
earthmine, Inc., announced today that it is has entered into an agreement to be acquired by Nokia. earthmine, based in Berkeley, California, is a privately owned company that develops a powerful end-to-end 3D street level imaging solution — from collection hardware to processing workflows, cloud hosting and client software.
The earthmine team is expected to join the Nokia location and commerce business, and Berkeley will become a key site for the development of 3D reality capture technology. “We are very excited to be joining Nokia, a company with a huge presence and vision in mapping,” said John Ristevski, co-CEO of earthmine Inc. “We could not hope for a better place to fulfill and accelerate our mission of indexing the world in 3D.”
The transaction is expected to close by the end of 2012. The terms of the transaction are confidential.
earthmine, Inc., provides 3D street-level imagery, delivering an end-to-end solution including 3D mobile mapping systems, automated data-processing pipelines, cloud-based hosting services and server software, desktop software, client-side developer tools, and direct integration with GIS software. earthmine technology is being used in local search, mobile, mapping, GIS, safety, and security markets in the United States, Mexico, Brazil, Canada, France, Australia, Japan, Malaysia, Singapore, Korea, Saudi Arabia, as well as other countries around the world.
Naysayers still exist when talking about the emerging indoor positioning market. They say that the market is still too nascent — and the technology is sub par and not there yet. However, there are just too many atmospherics, and big companies getting involved in indoor positioning development, to brush it off as another technology fad. The recent announcement that 22 companies are combining to come up with standards is a good example. Mainstream media articles touting the new market also are spearheading development and consumer interest. Still, how can you start an industry group and talk standards and markets without the two largest players?
In a move that indicates that there is a strong market, 22 companies recently partnered to create the In-Location Alliance. The new group, which includes Nokia, Qualcomm, Samsung Electronics and Sony Mobile, aims to improve and expand indoor positioning and related services.
Google, which has been the dominant player in location markets, was noticeably absent. Google has partnered with large retail chains and has mapped many indoor malls, airports and other facilities to help drive the market with its Google Maps for Android 6.0.
Another company apparently not part of the alliance is Apple, which recently ended its location data partnership with Google. Apple is launching its iOS 6 operating system update, called Maps for iOS, which features 100 million business listings and Yelp recommendations.
In a prepared statement, the group said it welcomes the addition of any new member “who is ready to further investigate business opportunities in indoor location-based services and sees value and benefits in industry collaboration.”
The In-Location Alliance says it will go after both the consumer and enterprise location markets, even though both have technical and market limitations for indoor positioning. The group said services it will focus on include real-time navigation inside buildings, directions to personalized products and promotions inside retail stores and malls, asset and employee location, customer identification, and security solutions.
Because the technology is widely available on smartphones, the alliance will focus its products on enhanced Bluetooth 4.0 technology and Wi-Fi to develop mobile services as a starting point.
The allied companies say they will conduct pre-commerical pilot programs and business model verifications later this year in order to launch handset-based applications next year.
Other members of the In-Location Alliance include Broadcom, CSR, Dialog Semiconductor, Eptisa, Geomobile, Genasys, Indra, Insiteo, Nomadic Solutions, Nordic Semiconductor, Nordic Technology Group, NowOn, Primax Electronics, RapidBlue Solutions, Seolane Innovation, TamperSeal, Team Action Zone and Visioglobe.
Nokia also has been developing indoor positioning systems that use 3D models, rather than 2D floor plans. Broadcom released a chip that supports indoor positioning through Wi-Fi, Bluetooth and even NFC.
Mainstream publications such as the Wall Street Journal and USA Today have written articles about indoor positioning as a potential burgeoning market. The articles say such big brands as Target, Walgreens and Home Depot are implementing indoor positioning and marketing strategies. Walgreens is partnering with Aisle411, which offers an application with 9,000 store maps.
Mapping Services Now on New Kindle Fire
The next model of Kindle Fire, Amazon’s tablet, will have mapping services installed as part of a deal with Nokia. What is noticeable is that it does not have location technology from Google, which is strange as it is the Android mobile operating system that powers the Kindle Fire. Published sources say Amazon will announce the agreement this month.
As our sister publication Wireless Pulse reported, Competitor Barnes & Noble recently adopted OpenStreetMap, through Berlin-based Skobbler’s ForeverMap 2 app, to allow developers to create Nook applications with location functionality later this year, according to published sources.
While the Nook line of products are Wi-Fi enabled, they lack pure play GPS capability. Although Nook devices don’t have 3G or 4G access of smartphones, it is a step toward developing location capability.
A basic version is free on the Nook, and a premium version costs $4.99. The Nook units with the location capability include the Nook Color and Nook Tablets.
Both the Kindle and Nook have one common thread — their parent companies opted not to go with Google Maps. Is the location giant taking notice?
20 Years of Covering Location Technology
September 2012 marks my 20th year of writing about the business of location technology. In 1992, the big GPS companies (Trimble, Garmin, Ashtech, Sony, Magellan, Rockwell) were trying to develop consumer applications that were evolving from their military technology developed for the recently concluded Gulf War.
Most of the news back then was in the form of government contracts, and some survey agreements, or evolving policy about GPS. It turns out that the consumer side was being developed not by the GPS industry, but intelligent transportation industry providers through the digital mapping companies Etak (now TomTom) and Navigation Technologies (now Nokia).
While the terms “telematics” and location-based services were not being used in 1992, some companies saw the potential for big dollars incorporating positioning technology into mobile phones. I wrote an article in October 1992 headlined “Rockwell Says GPS in Cellular Phones Means Big Business.” I quoted a few industry consultants at that time who said that they had doubts that it would be a big market because of the cost and size of the GPS chipset, antenna issues, and consumer acceptance. The big deal about putting GPS into cell phones was to meet an FCC enhanced 911 requirement, but that happened a few years later.
Such companies as Motorola brought the name “telematics” to North America and attempted to jump-start the market here. At least one industry executive never liked the word telematics, saying it was a “Stalinist” word.
While companies have come and gone, and the technology has evolved to a point that commoditization is pervasive, the promise of location technology and markets will still be strong. Companies and individuals have made fortunes and lost them in the location industry, but one thing for sure — it has never been boring covering and writing about the business and people.
A range of solutions are vying to replicate what GPS does outdoors in an indoor environment, from Wi-Fi to Bluetooth to “terrestrial” GPS, plus many others. Which one is likely to be successful? IMS Research (recently acquired by IHS Inc.) said the answer will not simply be just “one.” Locating a smartphone in an outdoors environment is straightforward, with more than 90 percent of smartphones providing GPS functionality. However, GPS becomes less useful in built-up areas and can be useless indoors, reports IMS Research.
Indoor location enables a number of exciting applications that may previously have been considered impossible, for both the consumer and the venue owner, said IMS Research. Not only can it provide analytics, tracking footfall and understanding consumer behavior, but also improve the shopping experience, helping the consumer to find a particular store or product. Whilst these examples are useful, the real benefit and revenue generation is likely to arrive in the shape of advertising.
Bluetooth in Nokia’s HAIP variety can provide accuracies claimed to be less than one meter, making it suitable for “aisle level” positioning. NextNav is beginning to roll out a technology described as “terrestrial GPS” in the United States, using transmitters based on the ground, and the existing GPS chipsets found in many smartphones. Other solutions include the IMES system in Japan and cellular-based solutions from companies such as Path Intelligence.
While the roll out of commercial solutions has only recently begun, Wi-Fi has, to date, been the primary technology used. “Its high penetration in smartphones, combined with an existing infrastructure of access points, in venues such as shopping malls and airports etc., means minimal additional investment is required to support some level of positioning solution,” noted Alex West, Connectivity and Location research director at IMS Research. “For this reason, a range of different companies from Google, to Qualcomm and CSR, to Qubulus, all have solutions incorporating Wi-Fi.” Current location accuracies through Wi-Fi make it suitable for “store-level” positioning but less so for product or aisle-level, although IMS Research forecasts that consumers’ exposure to store-level accuracy will drive demand for aisle/product-level accuracy.
In reality, it is unlikely that one solution will meet all requirements, and among recent announcements is CSR’s SiRFusion platform, which uses not only Wi-Fi, but also cellular and MEMS sensors such as accelerometers and gyroscopes, to provide a hybrid solution. MEMS sensors, which are becoming increasingly common in smartphones, are expected to play a bigger part in positioning, not only improving accuracy levels but also aiding in cutting down power consumption.
Other leading IC suppliers, including Broadcom and Qualcomm, have announced solutions incorporating these technologies, and Bluetooth in some cases, with the necessary software. As such, a more accurate indoor positioning service is expected to be included on smartphones over the next 12 months, and is expected to provide the platform for the many apps and services that are being developed utilizing indoor location, according to IMS Research.
Mobility’s first phase saw fixed-line communications go mobile. The next phase saw the Internet go mobile. We now behold a paradigm shift in the third phase, where real world communication bridges to the virtual world, via richer communications on smartphones.
For device manufacturers and location-aware service and app creators, it’s no longer about creating unique standalone experiences, it’s about enhancing real-time experiences by enriching everyday consumer behavior with virtual content and relevant information to a particular place and point in time. Location is an important canvas to a series of components that will unlock the possibilities of a more fulfilling, spontaneous — and sometimes amazing — mobile experience. By bringing together the quality of positioning and maps, enabling personalization with places and recommendations, evolving the simple check-in, and enhancing the experience with augmented reality, we activate a seamless, immersive experience that adds value to consumers’ daily life adventures.
Most importantly for wireless operators, location, as a key part of context and relevance, provides a unique opportunity to create revenue.
Location Positioning and Maps
As we create advanced mobile positioning technologies, consumers increasingly become accustomed to location-aware services. Outdoor positioning was our entrée into the market, and it has becoming more and more accurate via new satellite systems in addition to GPS (GLONASS, SBAS, QZSS), use of motion sensors, assisted-GNSS enhancements, and software algorithms to enable instant time to first fix (TTFF), and seamless fixes. On the other hand, pinpointing your location indoors still presents challenges from an accuracy standpoint.
At Nokia, we support Open Mobile Alliance Secure User Plane Location (OMA SUPL, incorporating AGPS and cell-ID) standards for our devices, and enhance our proprietary Nokia Positioning Service (NPS) based on leading-edge assisted-GNSS (GPS+GLONASS) technologies. Our NPS service supports global crowd-sourced databases for cellular tower and Wi-Fi access-point location information. These provide virtually instant TTFF everywhere and enable always-on location awareness — even on devices without an integrated GPS receiver or data connectivity.
3-D Building overlay for real-world representation.Heat map. to see where the action is: concentrations of location-enabled mobile phone users that can provide data on places where others are dining, dancing, or shopping.
We’re also setting our sights on the next frontier: research concept around high accuracy indoor positioning (HAIP) technologies. Nokia’s current HAIP trial system relies on a dedicated positioning beacon, which acts as an indoor satellite when placed on the ceiling. It can accurately locate your position in a room and how far you are from your desired destination in real-time, with an accuracy of up to 30 centimeters. In this manner, we could direct a potential customer to a physical store front, and further to a specific product on the shelf inside the store.
HAIP beacon from Nokia, for high-accuracy indoor positioning.
Another example comes from Shopkick, with its own proprietary solution for indoor positioning that utilizes a similar beacon placed inside a retail store. On the device side, the ShopKick app listens via the mobile device microphone and alerts a company when a valued customer physically walks into its store. According to TechCrunch, one of Shopkick’s partner retailers “is estimating $50 million in measurable incremental revenue as a result of the Shopkick mobile app.”
The business opportunity is clear: retailers can now directly connect to the consumer for one-to-one marketing and engagement. Consumers are rewarded instantly, on the spot, and enticed to collect further rewards through loyalty programs.
Imagine enhancing this experience further with a visual representation of your position on a map in an outdoor situation, which can offer a wealth of functionality and create a 3D representation of the real world. At Nokia we are further enhancing our NavTeq maps that deliver accurate 360-degree panoramic street-level imagery, 3D building overlays and a point-of-interest (referred to as a place in this article) interface as individual layers. The map data collection provides individual high-density content layers that enable more fluid animation and 3D mesh building overlays. Users can highlight and select buildings and places to interact with in 3D within their surroundings. This merges the real and virtual world, allowing physical and digital objects to co-exist and interact in real time. Imagine the endless opportunities: zoom in on a 3D map of a restaurant storefront, click the menu on the window to see the special of the day, or receive a discounted offer based on something you have liked in the past.
Places and Recommendations
The way we interact with our mobile device is evolving to mimic the way we exist in the real world. When we refer to a place or to a location, for example, we don’t talk in terms of coordinates or an address, rather we say “the Starbucks around the corner from MOMA.” In building devices and applications, we build the place with the foundation of core data (name, address, longitude and latitude, contact details) and layer on top of that an ever-expanding amount of rich data that comprises ratings and reviews, hours of operation, wheelchair access and spatial data extended to entrances, and more. Thus, we begin to layer in context and we no longer need to know the Boolean constructs that we learned in Web 1.0 to talk to a search engine and find exactly what we want.
Managing this rich, evolving set of place data in a relevant manner will increase in importance. It will also open the door to getting recommendations outside of your normal social community. For example, heat maps that allow you to instantly see where the action is in cities around the world, quickly sharing insight into where locals eat, dance, and shop. Check out examples from Nokia (maps.nokia.com) and mobile apps like AroundMe or Foursquare Radar. Providing locally relevant content to end users also extends the opportunity to connect local merchants to their specific target audience or entice new ones.
JiWire reported in August that “53 percent of the on-the-go U.S. audience revealed they are willing to share their location to receive more relevant content. Mobile consumers under the age of 34 are more eager to share, with 60 percent offering their location for better information.” Focusing on the qualifier, “offering their location for better information,” is where places and recommendations become a powerful medium, and advertisements and offers become another valuable piece of the rich data set offered via your mobile device.
Consider a restaurant search that returns a result for a Chinese restaurant your friend has rated 5 stars for its Mongolian beef, which in the past, you have indicated you liked. As part of the information presented, you see a 15-percent off promotion when you view the menu prices. Or perhaps you’ve searched for a children’s museum, and navigation finds the destination and starts directing you from your current location. Upon arrival, you might receive an offer for discounted membership. As more consumers gravitate towards location-based or location-incorporating services on their smartphones, there’s a great opportunity for developers and business owners to integrate place and recommendation experiences.
Consumer Engagement
Utilizing positioning, maps, places and recommendations are the building blocks on which you can create contextually relevant experiences that consumers will find engaging and sticky and which can open the door to business opportunities. Research shows that consumers are willing to check-in to a location, either by text messaging or by using a mobile application on a smartphone; the application will use the phone’s GPS to find the current location. Many social networking services, such as Foursquare, Google+, Facebook, and Gowalla allow users to check in to a physical place and share their location with their friends. Comscore reported that “16.7 million U.S. mobile subscribers used location-based check-in services on their phones in March 2011, representing 7.1 percent of the entire mobile population.”
I still believe check-in remains a niche as it’s not a natural human behavior but is a good starting point for interacting with a location. Check-in needs to be bundled with offer redemption to encourage people to check-in. Also, check-in data can add a new layer of behavior that may not be reflected in recent purchases. For example, a check-in at a gym adds valuable lifestyle information about a consumer, which can aid in ad-targeting efforts.
Now more than ever, as we explore and engage with the world around us, we want to experience amazing everyday adventures. We can enhance this adventure further by augmenting the rich content associated with places in a visual representation that can be consumed through your mobile device in the real world. Imagine you’re in Times Square in Manhattan and you open an augmented-reality experience like Nokia City Lens or Yelp’s Monocle and start panning around you. Icons might pop up to indicate you have a loyalty card for a particular chain of coffee shop; a consumer electronics store has your favorite Wii game on sale; a good friend just gave a nearby restaurant a 5-star review. Perhaps you’ll even find you can get home in less than half an hour if you take a new suggested route that accounts for traffic that’s moving a little slower than usual on your typical drive.
The Opportunity Ahead
In this third phase of mobility, our mobile devices will be a bridge to enriching our lives with virtual content, as long as it is relevant and engaging. Location is a catalyst to enhance virtual interaction with real-world places, enticing people to visit such real-world places. For developers and marketers, business opportunities lie in using highly accurate positioning to drive consumers into storefronts and directly to the products they want; in enabling highly personalized experiences with places that present the right offer at the right time to the right consumer; and in elevating the check-in to engage and reward the consumer. Context, relevance, and consumer engagement will all provide unique monetization opportunities as location technology continues to evolve.
Christopher Peralta is head of location and advertising services for Nokia in North America, responsible for mobile navigation and location-aware services that connect users to locally and socially relevant personalized content and experiences.
While European regulatory authorities are closely scrutinizing the proposed TomTom/Tele Atlas merger, they have also turned their eyes to the proposed Navteq/Nokia deal.
Navteq Corp. said today that the European Commission has initiated a second-phase review of Nokia’s pending acquisition of Navteq. The company stressed in its announcement that this is part of the commission’s review process and does not signal the ultimate outcome. Nevertheless, it is a rare, if not extraordinary step for the commission; in the past 10 years it has only initiated a second-phase review in about 3 percent of European mergers of publicly held companies.
The Commission now has 90 working days to make a final decision on the transaction. However, the review period may be extended to 125 working days. Such has been the case with the TomTom/Tele Atlas deal, also under a second-phase review. Those two companies are anticipating a commission decision on their merger by May 21.
Both Navteq and Nokia said they remain committed to their merger plans, noting that the deal has received all the other necessary regulatory approvals, including anti-trust approval in the United States.
Meanwhile, TomTom said March 27 that it was extending the period of its offer for Tele Atlas. It was clear the European Commission wouldn’t reach a decision by the end of the previous time frame attached to the offer to acquire Tele Atlas for €30 per share, or about €2.9 billion, which would have ended March 31, TomTom said. As result, it has extended its offer to May 30. The Commission originally announced that it was initiating a second-phase review of the merger in November of last year.
Navteq Corp. said Wednesday that its stockholders have approved the company’s pending merger deal with Finnish mobile phone giant Nokia.
Shareholders representing more than 75 percent of the issued and outstanding shares of common stock eligible to vote and nearly 100 percent of the total votes cast at the special meeting Wednesday, voted in favor of the merger agreement. That move follows the company’s announcement late last week that it had received early termination of the mandatory waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act.
Upon satisfaction of the remaining closing conditions, under the terms of the merger deal each outstanding share of the common stock of Navteq will be converted into the right to receive $78 in cash, without interest, and Navteq will survive the merger as a wholly-owned subsidiary of Nokia Inc., according to the company. All unvested options to purchase common stock will accelerate and vest in full immediately prior to the consummation of the merger. Option holders will receive a cash payment for each option held equal to the excess of $78 over the applicable option exercise price, less taxes.
Navteq Corp. said Monday that it has scheduled a special meeting of stockholders next month to consider approval of the previously announced merger agreement between the company and Nokia.
Finnish mobile phone maker Nokia and digital map supplier Navteq first announced on October 1 that they had reached a definitive merger agreement to the tune of $8.1 billion (€5.7 billion). In the meantime, PND rivals Garmin and TomTom became involved in a bidding war over Tele Atlas, a Navteq competitor.
Navteq stockholders of record at the close of business on November 13, 2007, are entitled to notice of the special meeting and to vote on the adoption of the merger agreement, according to the company. The special meeting will be held on December 12 in Chicago. Proxy statements and the accompanying proxy card were mailed to Navteq stockholders earlier this month, the company said.
Completion of the merger is subject to the adoption of the merger agreement by Navteq stockholders at the special meeting and the satisfaction of the other closing conditions set forth in the merger agreement. Navteq currently expects to complete the proposed merger in Q1 of next year.
