Rumours stating that Apple might acquire TomTom, the Dutch supplier of navigation applications. Rumours of acquisition made TomTom’s share price rise up to as much as 7% today. Shareholders of TomTom rejoiced upon the fact that its share price has increased over 30% in last one year including todays upsurge.
TomTom provides the much needed navigation and mapping expertise and Apple has been struggling with their maps app. Apples mapping software has been receiving complaints in Australia from several users of its maps app that they had lost their ways while travelling and were lost in unknown places due to incorrect information reflected by its maps app.
Apple needs expertise and experience in mapping and navigation and the Dutch supplier TomTom with its huge database and navigation expertise is the answer to the problems and issues that Apple has been facing with its maps app.
The effect of this rumour is understood by the fact that it caused the highest intraday increase in the share price of TomTom since October 19.