Why Germany's top auto companies just bought Nokia HERE for $3 billion

This story was originally sent to thousands of professionals just like you in this morning's IoT INSIDER daily newsletter. Don't be left in the dark while your competition gets ahead each morning. Learn about our two week risk-free trial now »

BI Intelligence has been covering the recently rumored acquisition of Nokia's HERE high definition mapping service by Audi, BMW, and Daimler AG, and the deal was finally confirmed yesterday. The three German car manufacturers will purchase HERE, which has the most accurate high-definition maps in the world, for $2.8 billion.

The acquisition serves two key purposes for the three automakers:

Complimentary Tech Event

Transform talent with learning that works

Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

BI Intelligence

• The mapping service can be used to develop a connected car infotainment system to compete with Apple's CarPlay and Android Auto. Media reports have said that the three automakers plan to build such a platform and open it up to other car manufacturers. Automakers are concerned about sharing valuable data about their cars and customers with Apple and Google through CarPlay and Android Auto.
• This acquisition will help the carmakers develop autonomous vehicles that use HERE's maps in their navigation systems. HERE's high-definition mapping service provides extremely precise and complex maps that autonomous cars require for navigation. Uber was one of the other suitors interested in purchasing Nokia HERE to support its own self-driving car ambitions.

Finding this article interesting? Thousands of professionals just like you had it in their inbox first. Stay ahead of the curve and gain a comprehensive understanding of the latest news & trends, start your day with the IoT INSIDER. Get two weeks risk-free

Here are other stories you need to know from today's IoT INSIDER:

• How data will enable "Living Services" in the IoT
• British Gas to invest nearly $780 million in connected homes over the next five years

Don't miss another day of breaking developments! Stay ahead of the curve and gain insight into the latest news & trends. Join thousands of other professionals who start the day with IoT INSIDER. Try any of our INSIDER newsletters for two weeks »