NAVTEQ Acquires South Korean Map Provider

NAVTEQ (IL, USA) acquired PMI, a prominent South Korean digital map company, for US$ 28.5 million. With the purchase, NAVTEQ now has a local presence in South Korea and a digital map product available to service the dynamic Korean market.
This agreement brings together two leaders in digital mapping. At US$ 14 million in annual revenue in 2004, PMI's sales of digital maps and related software and services stem from a robust customer base including the leading Korean wireless carriers, automobile system vendors, online mapping companies and automobile suppliers.
The acquisition is expected to have no impact on daily operations at PMI. Mr. Lee will continue in his role as president.