News this week: Last week, China’s largest e-commerce company, the Alibaba
Group, announced the purchase of NASDAQ-listed AutoNavi, a digital mapping firm,
for US$294 million.
After the transaction, Alibaba will hold a 28% stake in
AutoNavi. Alibaba’s Joe Tsai, and Eddie Wu will serve as directors of AutoNavi. The two companies will form a strategic
alliance to develop “location based” e-commerce opportunities.
AutoNavi’s digital map service is reportedly a market leader
in its industry, which has a market share of 29.8% in the first quarter in
2013. According to the company, it has a more than 100 million users as of
January 2013. AutoNavi focuses on three key areas: Internet & mobile
internet, navigation and government & enterprise applications.
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