Mapsolute Acquired By Navteq For 40 Million

Frankfurt based Mapsolute has been acquired by digital map supplier Navteq for $40m as reported by GPS Business News.

Mapsolute is the company behind map24, a popular portal for maps, local search and various geodata related software attracting about 5 million unique vistors monthly making it the second most popular travel related site in Germany, and MapTP, the underlying mapping technology which got licensed by Yahoo, Lycos, Mc Donald’s, Renault or Volkswagen amongst others and which can be used for container or personnel tracking, GPS enabled control of inmates or dogs, fleet management and the like.

Mapsolute was founded in 1996 by Alexander Wiegand and Thomas Golob, they will continue to serve as Managing Directors.

(via alarm:clock euro)

(This article originally was written for blognation Germany. Since blognation is gone I have reposted it here)