GPS leader Garmin on Tuesday announced that their acquisition of competitor Navigon has been completed, signaling a smooth purchase with no major roadblocks in the deal.
Garmin said in June that they would have the Navigon acquisition completed by the end of July and they lived up to that promise, although they have not disclosed any financial information about the buyout, both company’s executives said that they are “excited” and “pleased” with the deal.
The partnership was seen as an important acquisition for Garmin who plan to use Navigon’s GPS software to compete in the mobile space, while acquiring talented GPS programmers and hardware designers is a needed competitive advantage for Garmin as the company’s market share has been in a free fall with free navigation from Google Maps dominating nearly all of the mobile GPS market.
