Dutch navigation company TomTom to provide maps for Uber

Reuters News
Posted: Nov 12, 2015 6:47 AM

AMSTERDAM (Reuters) - Dutch navigation company TomTom said on Thursday it had signed a multi-year deal to provide Uber with digital maps and traffic data for the software used by its drivers.

It is the latest in a series of deals for the Dutch company, which also signed agreements this year to provide maps to Volkswagen and to renew a deal to supply maps for Apple's built-in iPhone navigation app.

Financial terms were not disclosed.

TomTom's shares were up 6.5 percent at 10.96 euros in Amsterdam.

The deal follows the sale in August of TomTom's larger competitor in the digital mapmaking market, Nokia's HERE. A consortium of German carmakers bought HERE for 2.9 billion euros ($3.1 billion).

Uber [UBER.UL], which had initially bid for HERE, instead purchased Microsoft's imagery acquisition and map data processing operations in June, prompting speculation it was developing its own map-making capacity.

"We look forward to working with TomTom, a leader in the mapping and navigation space," said Matt Wyndowe, Head of Product Partnerships at Uber, in a statement.

(Reporting by Toby Sterling; Editing by Mark Potter and David Evans)