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| GPS start-up NavNgo in €600m a year contracts | Published by: Globes
www.globes.co.il
Shmulik Shelah
21/05/2008
| The company signed deals with Pioneer, Clarion, and Hyundai.
Israeli-Hungarian GPS navigation solutions developer NavNGo Ktd. has signed a number of contracts this week, which the company estimates will generate €600 million a year in revenue, some of which will be recognized this year. Two contracts are with Japanese car audio systems makers Pioneer Corporation (TSE: 6773) and Clarion Company Ltd. (TSE: 6796) to install its system in their car audio systems. The third contract is with Korean carmaker Hyundai Co. Ltd. (KSX: 11760), which will install the company's systems in its cars.
NavNGo president Dudi Virnick and Kobi Halperin founded the company in 2004. They bought a small Hungarian company, which formed the basis of their digital navigation development center. The company has never obtained venture capital investment.
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