Bosh has purchased a stake in HERE to help improve it's offerings in the smart homes and smart cities markets.
According to Bosh, it is acquiring 5 percent in HERE Technologies, a global provider of digital mapping and location services. The parties have agreed not to disclose the purchase price. The acquisition gives a boost to Bosch’s services business. It also helps HERE take a further step toward its goal of becoming a global provider of data-based real-time location services to customers both inside and outside the automotive industry. “Bosch is more than cars,” says Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH. “Industry 4.0, smart homes, and smart cities are rapidly growing areas of business for us, in which establishing and expanding data-based services will result in synergies with HERE.” Edzard Overbeek, the CEO of HERE Technologies, adds: “We are delighted to have brought on board a strong partner like Bosch, with its broad-based expertise in both the automotive and Internet of Things sectors. Bosch’s strong presence across the Americas, Asia and Europe also offers HERE attractive opportunities to further grow our business globally.” The acquisition is still subject to approval by the antitrust authorities. It is expected to be concluded by the end of the first quarter of 2018.