CHICAGO-Navteq, which provides digital map data for vehicle navigation and location-based services, said it has acquired PMI, a South Korean digital map company.
The transaction is valued at $28.5 million.
Navteq said the purchase gives it a local presence in South Korea.
“South Korea represents an important part of our global expansion strategy, and PMI’s leadership brings a wealth of market understanding to this new relationship,” said Judson Green, president and chief executive officer of Navteq. “More importantly, the quality focus and field-collection based approach to mapmaking make PMI a strong fit.”
Won Lee will continue as president of PMI. Navteq said the acquisition should have no impact on PMI’s daily operations.
