Dutch company TomTom has put an end to rumours that it is looking for a buyer.
According to sources quoted by Reuters, a provider of map data, navigational software, and wearable tech has reportedly retained the help of Deutsche Bank in an effort to either sell the entire company or a minority part of it. According to information provided to Reuters, TomTom was “reaching a spectrum of potential bidders, particularly Asian investors.” According to their informants, the company was investigating a number of other strategic alternatives.
After initially declining to respond, TomTom eventually issued a one-line statement in which it “denies it has retained a financial planner to look for possible investors.” This came after the company had initially declined to comment. Deutsche Bank has, up until this point, chosen not to comment.
TomTom has just recently made public the news that it will be terminating the employment of 136 workers as part of a strategic shift away from wearables and onto the company’s core business of mapping and navigation. After receiving unsatisfactory quarterly data, which showed a large year-on-year fall in consumer sales, the company made the decision to reduce workers. This was mostly because its sports business, which makes things like fitness bands and motion cams, didn’t do as well as it should have.
The company has its headquarters in Amsterdam, and it currently has approximately 4,700 employees located in 40 different countries. The company was founded in 1991 and is currently estimated to be worth 1.74 billion euros. TomTom is most well-known for its GPS software and devices, which include the company’s own line of fitness trackers and GPS sports watches. TomTom also competes in the global automotive market.