Bosch and Continental buy into virtual map company HERE

January 04, 2018 //By Christoph Hammerschmidt
Bosch and Continental buy into virtual map company HERE
In their daily business with automotive electronics, they are direct competitors. Nevertheless, Bosch and Continental have acquired a 5 percent stake each of the virtual street map provider HERE Technologies.

Both Bosch and Continental bought the HERE shares from its owner consortium which consists of Audi, BMW and Daimler.

Bosch said the acquisition would enable synergies for data-based services, not only in its automotive business but likewise in its activities related to Industry 4.0 (Internet of Things in manufacturing), Smart Home and Smart City. Bosch plans to put the focus of its HERE-related activities to creating open platforms for automotive and non-automotive customers.

In addition, Bosch expects to strengthen its services business through the acquisition. The company plans to establish itself as a provider of data-based real-time services not only for the automotive industry. “Bosch is more than automotive,” said Bosch CEO Volkmar Denner. “From our perspective, Industry 4.0, Smart Home and Smart Cities are business fields with strong growth perspectives where we can achieve synergies with HERE.”

Continental, which at the same time inked a strategic collaboration contract with HERE, plans to focus on the development of real-time high-resolution maps. Such maps are one of the requirements for automated driving.

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