TomTom, the Dutch navigation systems company that powers Apple Maps, announced today that it has renewed its contract with Apple to provide digital mapping data for iOS.
Details of the new agreement between the two companies wasn’t revealed this morning, which could be due to Apple getting a deal highly skewed in its favor. Despite the scant details, shares of TomTom have jumped more than 7 percent to reach a six-year high.
Striking a new deal with Apple adds some prestige to the TomTom brand. The Dutch company has licensed digital maps to Apple since 2012 when the iPhone maker decided to remove Google Maps as the default mapping and navigation app on iOS in favor of Apple’s home-brewed solution that also includes 3D mapping of numerous cities and national parks.
TomTom’s renewed contract comes after Apple recently announced that it acquired Coherent Navigation, a mapping company that created High Integrity GPS technology that can pinpoint your geographic location to within a few centimeters. Nokia has also been looking to sell its digital mapmaking division HERE, with many experts predicting Apple or Uber as the most likely buyers.
Source: Reuters
