HERE aims to secure new investors by end-2016 - Mobile World Live

HERE aims to secure new investors by end-2016

12 AUG 2016

HERE, the mapping unit sold by Nokia to a German car consortium, confirmed it is looking to add new investors by the end of the year, reported Re/code.

In an interview with the publication, CEO Edzard Overbeek said the new investors will come from around the globe, and could stretch beyond car makers, with involvement likely from US technology companies.

The company, sold by Nokia last year for around €2.8 billion to a consortium made up of BMW, Audi and Daimler, is a supplier to major internet players, including Microsoft, Facebook and Amazon.

Both Amazon and Microsoft were rumoured to have been in talks with the consortium earlier this year about taking a stake in HERE, and it is well known that the new owners have been approaching other firms about becoming investors since acquiring the company.

Overbeek confirmed in the interview that the group is committed to reducing its ownership stake to less than 45 per cent, and said he has been meeting with current and prospective HERE customers to gauge interest about investing.

Along with Amazon and Microsoft, Facebook, which Overbeek described as a “strong partner”, would all fit the bill as investors, given they all compete in some way with Google, a mapmaking rival to HERE.

HERE claims to offer a different model to Google’s mapping service, in that it wants to open up its maps and location data to build a wider ecosystem profitable for everyone.

“We absolutely want to be the de facto standard for consumers and businesses to use our maps. We will be very aggressive in opening up those maps,” said Overbeek.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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