News

Singapore fund buys stake in digital map firm

Digital-mapSingaporean investment fund GIC has joined up with NavInfo and Tencent to buy a 10% stake in Here, a digital map company. The acquisition came as Here revealed a plan to roll out its location services in China through a joint venture with NavInfo, a Chinese digital map maker. Meanwhile, internet firm Tencent will use Here technology in its tool and services. "Our intention has been to broaden our shareholder base to reflect how location intelligence will fuel invention and expansion across different industries in all parts of the world," said Edzard Overbeek, chief executive of Here. Choo Yong Cheen, chief executive of GIC's private equity division, said Here's partnerships would help it to expand and broaden its business beyond the vehicle sector. Here, which counts Audi, BMW and Daimler among its shareholders, began life as Navteq, a US navigation technology company that was bought by Nokia in 2008. ©2017 funds global asia

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