gvanmaarsum schreef op 26 oktober 2018 20:54:
TomTom sets timeline for unit salePublished on 12.10.2018
Dutch navigation giant TomTom has decided to move forward with the sale of its telematics unit, with Information Memorandums due now, TMT Finance understands. According to sources, the business is holding discussions with strategic and US-based financial buyers,
with bids expected by the end of October to beginning of November. The unit is understood to be worth E700m,
but sources have said that this could go considerably higher.TomTom hired Barclays at the end of September to conduct a strategic review of the telematics unit, which uses software to monitor and improve the performance of a car, in a move to better compete with Google’s in-car navigation software. TomTom has seen its market position slip to third place, behind the US internet giant and market leader Here Technologies. Last month, carmakers Renault, Nissan and Mitsubishi ended a contract with TomTom and formed an alliance with Google.
The unit achieved revenues of E162.1m in 2017, according to TomTom’s full year financial results, up 4% from the previous year. EBITDA remained flat at E59.1m, the same as the previous year. According to TomTom, the telematics unit reached more than 809,000 fleet management and connected car subscriptions, representing a 16% year-on-year increase, from 696,000 subscriptions at the end of 2016.
Founded in 1991, TomTom consists of four units, including automotive, enterprise, consumer and telematics. The latter claims to be one of the world’s leading telematics solution providers with more than 848,000 subscriptions worldwide and services drivers over 60 countries.