Filed under: Hirings/Firings/Layoffs, Technology, Earnings/Financials
Earlier this week, the ink dried on a deal for Navteq to acquire Trapster, the speed trap and road hazard tracking company that makes GPS apps for iPhone, Android and Blackberry. Navteq's interest in Trapster is obvious: One of the world's largest mapping and sat-nav software companies needs more crowd-sourced traffic information. With over nine million downloads, Trapster has both the reach and programming knowledge to expand the depth and breadth of the firm's traffic data.According to Autoblog sources familiar with the matter, five companies were interested in acquiring Trapster, and an outright bidding war was waged by three of the startup's suitors. In the end, Navteq brought home the brass ring for an undisclosed amount.
Trapster was established in 2003, growing considerably once it received funding in March of 2009 which allowed it to bring on a handful of employees.
Trapster users can expect their service to remain intact, and with the engineering resources of Navteq integrated with the current apps, traffic, road hazard and maybe even police data stands to increase considerably.
Exclusive: Navteq acquires Trapster originally appeared on Autoblog on Fri, 10 Dec 2010 15:27:00 EST. Please see our terms for use of feeds.
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