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.<\/p>\n
\u201cAs part of TMG\u00b4s turnaround strategy, it has specifically decided to exit non-core businesses identified within TMG.”<\/p>\n
\u201cOne such business is MapIT, which falls within the company\u00b4s Books division and which forms the subject matter of the Disposal,\u201d Times Media said by way of rationale for the disposal.<\/p>\n
TomTom is a\u00a0provider\u00a0of location and navigation products and services, while MapIT\u00a0\u00a0has a suite of digital mapping platforms.<\/p>\n
The proceeds of the disposal will be used to reduce acquisition leverage with respect to future acquisitions more aligned to TMG\u00b4s core business, it said.<\/p>\n
MapIT declared and paid a dividend to its shareholders in the sum of R11 million prior to the effective date of the disposal.<\/p>\n
A survey out in January,\u00a0highlighted the growth of digital mapping as a business tool\u00a0among South African corporates and SMEs.<\/p>\n
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.<\/p>\n
Surprising growth for digital mapping in SA<\/strong><\/a><\/p>\n TeleCommunication Systems African ambition<\/strong><\/a><\/p>\n