Apple Inc. (NASDAQ:AAPL) is not the only tech company competing directly with Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) in the mapping application department. Finnish phone maker Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) plans to buy Medio, a smart data technology company based in Seattle.
Nokia’s latest acquisition
Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) says that the company’s smart technology will enable Nokie to create digital maps that can be modified according to the uses’ needs. Ever since Nokia sold their smartphone business to Microsoft Corporation (NASDAQ:MSFT), the company has been in the midst of transforming itself Michael Halbherr (the leader of Nokia Here) explained that although there many analytics platforms out in the market, only a small number has gone into predictive analysis. Michael stated that he has a desire for solidifying the foundation so that the focus can remain on investments.
Talk of inflation has been swirling for some time amid all the stimulus that's been pouring into the market and the soaring debt levels in the U.S. The Federal Reserve has said that any inflation that does occur will be temporary, but one hedge fund macro trader says there are plenty of reasons not to Read More
Medio isn’t the only company Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is trying to transform and merge. Just last month, the once successful phone maker acquired Desti, a company known for its language processing technology and personal recommendations. Nokia admitted that its venture capital arm wanted to spend $100 million towards companies that produce intelligent automotive technologies.Desti is an off-shoot of SRI International (a research institute) which helped with Apple’s Siri technology.
Nokia and maps technology
Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) takes pride in their maps technology service they first built-in 2008. The company acquired Navteq Corporation for $8.1 billion. 12 years ago, Nokia purchased three-dimensional map maker Earthmine. The maps help Nokia with providing map data to Amazon, Yahoo, and Microsoft.
Halbherr said the company will make more focused investments as well as continue to rebuild traffic with Earthmine.
Even though Nokia failed to compete in a smartphone market dominated by Apple Inc. (NASDAQ:AAPL) and Samsung Electronics Co. Ltd. (LON:BC94) (KRX:0059935), the company still found a way to stay relevant. The jury is out on whether Nokia’s maps will be a success, but the company seems to be making strides as of late.