In a press release earlier this morning, Garmin announced their acquisition of Navigon, a small German navigation company. Navigon, one of the most popular GPS brands in Europe, will become a subsidiary of Garmin Ltd. beginning in July.
The CEO of Navigon, Egon Minar, spoke on behalf of his company, stating, "We look forward to sharing expertise, technologies, and relationships between Navigon and Garmin in order to serve more customers, expand product offerings, and lead the market in hardware and software innovations. Our two companies each bring complementary strengths to the table, but what we share is a passion for customer satisfaction through innovation."
Although the company does not have a large presence in the USA, Navigon has a reported seven percent market share in portable navigation devices (PND) throughout Europe. Known for their "compelling design, performance and innovative software features," Navigon has also found success developing navigational apps for smartphones.