TomTom snaps up MapIT stake
Times Media Group has entered into an agreement to dispose its 51% shareholding in MAP Integration Technologies (MapIT) to TomTom Africa for R37.49 million.
“As part of TMG´s turnaround strategy, it has specifically decided to exit non-core businesses identified within TMG.”
“One such business is MapIT, which falls within the company´s Books division and which forms the subject matter of the Disposal,” Times Media said by way of rationale for the disposal.
TomTom is a provider of location and navigation products and services, while MapIT has a suite of digital mapping platforms.
The proceeds of the disposal will be used to reduce acquisition leverage with respect to future acquisitions more aligned to TMG´s core business, it said.
MapIT declared and paid a dividend to its shareholders in the sum of R11 million prior to the effective date of the disposal.
A survey out in January, highlighted the growth of digital mapping as a business tool among South African corporates and SMEs.
According to the survey, 76% of South African corporations and 38% of small and medium enterprises (SMEs) spend more than 2% of their information technology (IT) budgets on mapping services.
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