Garmin said it aims to expand its automotive business by acquiring navigation specialist Navigon.
The Swiss maker of in-vehicle infotainment, navigation and telematics systems, said the two companies' product portfolios complement each other, which will help grow sales to the global auto industry.
"With Navigon, we are also acquiring one of the top-selling navigation applications for the iPhone and Android platforms ”“ something that we expect will help drive revenue for the combined company going forward," said Cliff Pemble, Garmin president and COO.
Navigon, which is headquartered in Germany, has an estimated 7 percent share in portable navigation devices (PNDs) in Europe.
In a press release, Navigon CEO Egon Minar said: "We look forward to sharing expertise, technologies, and relationships between Navigon and Garmin."
Since its inception in 1989, Garmin has delivered 85 million GPS enabled devices.