ZENRIN DataCom Announces Acquisition of Provider of GPS-based Vehicle Tracking and Monitoring Solutions in India and Singapore
ZENRIN DataCom Co., LTD (Head Office: Minato-Ku, Tokyo. Director: Tatsuhiko Shimizu), a leader in mobile GPS navigation, today announced the acquisition of INFOTRACK TELEMATICS PRIVATE LTD (Head Office: Singapore, hereinafter "INFOTRACK") after concluding an agreement to acquire INFOTRACK for total of 5.1 million Singapore dollars (about 400 million Japanese Yen). Through this acquisition, ZENRIN DataCom will accelerate expansion of its B2B location-based business, which includes a fleet tracking system, starting in India and emerging Asian countries and moving to the Middle East and North Africa. INFOTRACK has a 99.9% owned subsidiary, CERT INFOTRACK TELEMATICS PRIVATE LTD (Head Office: Bangalore, INDIA), and ZENRIN DataCom will own approximately 63% of INFOTRACK shares upon final completion of the acquisition.
* based on exchange rate on June 28th