GPS Company Garmin Buys European Competitor Navigon
Similar to Garmin, Navigon, which is based in Germany, develops navigation software and GPS devices. The company also offers navigation applications for the iPhone and Android. The company has an estimated seven percent share in portable navigation devices in Europe.
Garmin president and CEO Cliff Pemble said in a release that the addition of Navigon’s European automotive OEM business is complimentary to the company as it looks to expand its “footprint” in Europe.