Desti To Shut Down On Sept 3, Following Nokia HERE Acquisition

Desti To Shut Down On Sept 3, Following Nokia HERE Acquisition
Hermann / Pixabay

Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s acquisition of Desti would lead to the latter’s closure on September 3. The Finnish company’s mapping division acquired the personalized travel planning app in May and said that the app will be closed forever after 90 days. Now as promised, Desti has already informed its users about the closure on it official website.

Desti and HERE: good alliance

Desti has notified its customers that they should save the schedules and share it with others to access it later after the app shuts down permanently because after that users will not be able to search the details for trips. Desti was separated from SRI International research Institute. Now,

How Warren Buffett Went From Hating To Loving Banks

Berkshire Hathaway Warren BuffettSince the financial crisis, Warren Buffett's Berkshire Hathaway has had significant exposure to financial stocks in its portfolio. Q1 2021 hedge fund letters, conferences and more At the end of March this year, Bank of America accounted for nearly 15% of the conglomerate's vast equity portfolio. Until very recently, Wells Fargo was also a prominent Read More

Nokia is planning to use Desti’s technology in HERE location search to make it better and more personalized. Desti uses natural language processing technology and artificial intelligence to offer information to the travelers on the trips based on their personalized choices. The user does not need to browse through hotels, shops and restaurants before planning the holiday.

Previously, Nokia HERE’s RenuRayasam explained Desti as “having your best friend and a local resident get together to plan your trips.” Rayasam said that if one was planning Girls weekend then Desti would identify what the user is looking for and will offer chain hotels for offbeat, boutique lodgings along with types of restaurants, spas and clubs normally the user prefers. According to Rayasam, integration of this technology with HERE would offer better service to the people and offer them service wherever they are.

Nokia using acquisitions to support HERE

Nokia is definitely trying to revamp its mapping segment with slew of investments and acquisitions to make the maps more spontaneous, customized and formidable against Google. After the acquisition of artificial intelligence firm Desti, Nokia announced taking over another start-up Medio system, which is a predictive analytic company. The company recently announced $100 million Connected Car Fund to invest in the companies that will fuel the growth of HERE’s location and mapping ecosystem in the automotive space. Microsoft would be one of the most important customer of Nokia HERE maps following the four-year licensing deal with Nokia.

At present, HERE adds only 4% to the company’s total valuation. Nokia HERE segment has been set up primarily through acquisition in the recent years.

No posts to display