Mapmaker AND to get new investors or be sold, said CEO

Maarten Oldenhof
Maarten Oldenhof
According to a Bloomberg news published today, Maarten Oldenhof, CEO of Dutch mapmaker AND said his company will find an investor or a buyer. ``It can be a capital injection or a takeover,'' he said. ``It depends on what those parties want and shareholders will also have a preference. I expect this will lead to something this year.''

AND has been developing digital map data for a long time and is supplying customers such as Google (Google Maps) and Microsoft (Virtual Earth); however the small Dutch company has entered only recently into the navigation market. AND today offers turn by turn navigable maps for Austria, Belgium, Bulgaria, Croatia, Germany, Luxembourg, the Netherlands, Slovenia and Turkey. The full map of Western Europe is expected to be completed at the end of this year and the United States in 2009.

Since the hiring of ThinkEquity Partners LLC as an adviser last year, AND has been providing information about the company to potential buyers, including handset makers and Internet companies, some of them in North America, said Oldenhof.

AND value was €31.5 million ($49.8 million) on the market today.

Wednesday, July 2nd 2008

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