Wayfinder acquires Navicore

Wayfinder and Navicore have today announced that an agreement has been signed finalising the acquisition of the Finnish navigation company Navicore by Wayfinder. By joining forces the combined entity will offer award winning location applications and services on all major platforms in connected mobile devices. The user base will exceed one million users with more than 200 000 paying users. There will be no dilution effect for existing shareholders in Wayfinder and the profit per share will not be affected by the acquisition.

Navicore is the premier provider of interactive on-board navigation products for smart phones and Nokia Internet tablets. Navicore products are sold in 30 countries across Europe, North America, Middle East, South Africa and Australia.

The acquisition of Navicore strengthens the Wayfinder strategy to have a complete and outstanding offering to handset and multimedia device manufactures as well as operators around the world.

“Joining forces with Wayfinder will greatly enhance the user experience and the service offering to all Navicore users. We see it as a natural and exciting step to combine these two leading entities into one”, says Juha Murtopuro, CEO of Navicore Oy.

The Wayfinder group will solidify its market leadership by offering location applications and services on all major platforms, such as Java (including Blackberry), Symbian, Linux and Microsoft.

“We are very pleased with this acquisition, and with the invaluable competence Navicore will bring to the company. The Navicore platform will be further developed and fully supported to the benefit of all Navicore users,” says Magnus Nilsson, CEO of Wayfinder Systems AB.

Wayfinder management does not foresee additional capital requirements as a result of the acquisition. There will be no dilution effect for existing Wayfinder shareholders and the profit per share will not be affected by the acquisition.

The transaction was completed July 2nd, 2007.