HERE Technologies, the Amsterdam-based provider of a location data and technology platform, announced that Mitsubishi Corporation and Nippon Telegraph and Telephone Corporation (NTT) of Japan will jointly acquire a 30 percent ownership stake in the company. The companies are co-investing in HERE through their recently established, jointly owned holding company, COCO Tech Holding, in the Netherlands.
In the dawning age of autonomous vehicles of all kinds, HERE’s technology will be increasingly useful and lucrative. The company has developed a suite of branded tools, such as a development environment (HERE Workspace), a data exchange (HERE Marketplace), map creation and visualization capabilities (HERE Studio) and a set of location services (HERE Location Services). All of these leverage the Reality Index, a rich source of location contextual data that captures relationships between places and things. “We believe that HERE's Reality Index has unlimited potential,” said Takehiko Kakiuchi, president and CEO of Mitsubishi Corporation. “We are excited to welcome Mitsubishi Corporation and NTT as new strategic investors,” said Edzard Overbeek, CEO HERE Technologies. “We have been greatly inspired by our conversations. Mitsubishi Corporation and NTT share our vision of enabling an autonomous world for everyone and believe in our ability to harness our location platform to address major global challenges like urban congestion, supply chain inefficiency, and sustainable resource usage just to name a few. We will be honored to play a role in the digitalization initiatives of Mitsubishi Corporation and NTT. Their investment also means we are further diversifying our shareholder base beyond automotive, which is important given the appeal and necessity of location technology across geographies and industries.”
Headquartered in Amsterdam, HERE has more than 9,000 employees across 56 countries. The Dutch company has been growing its presence in the Asia Pacific region over the last three years, and an investment from Japan’s NTT is hoped to accelerate that growth. MC and NTT are acquiring the stake by purchasing new shares as well as acquiring existing shares from current HERE shareholders. This is in line with the strategic goal of having a broadened shareholder structure for the Dutch technology company. No details of the deal were disclosed, except that the transaction is expected to close sometime in the first half of next year. Upon completion, HERE would have nine direct and indirect shareholders: Audi, Bosch, BMW Group, Continental, Intel Capital, MC, Mercedes-Benz, NTT and Pioneer.