Global location specialists TomTom have agreed a ZAR37.5 million (US$3.7 million) deal with Times Media Group (TMG) to buy a 51 per cent stake in South African MAP Integration Technologies (MapIT).
TMG said the sale was part of its “turnaround strategy” to “exit non-core businesses”.
The group added: “One such business is MapIT, which falls within the Company’s Books division.”
HumanIPO reported in January digital mapping was one of the strongest growth areas in South Africa’s IT sector with 76 per cent of corporations and 38 per cent of small and medium sized enterprises (SMEs) spending more than two per cent of their IT budgets on such services.
Prior to the sale, MapIT paid a dividend of ZAR11 million (US$1.1 million) to shareholders, ZAR5.6 million (US$560,000) went to TMG.
MapIT has already updated its website with TomTom branding.
