Geosmart Digital Mapping Assets Acquired by AA

The NZ Automobile Association (AA) has acquired the digital mapping business from TMT Ventures (TMT) portfolio company Geosmart Limited.  As part of the sale TMT has exited its holding in Geosmart.

The investment by TMT alongside Endeavour, provided the funding to Geosmart to develop and introduce the first car navigation products for NZ in 2005.  These have been licensed by BMW, Navman and other leading car companies.  In addition, this funding nurtured the development of NZ’s leading web-based mapping tools and the joint development of the AA SmartMaps website.

Having formed a close and long standing customer relationship with the AA, and with the AA’s intentions to expand their presence in the digital mapping space, it was a natural progression for the AA to formalise the relationship further.  TMT and Endeavour are pleased to see the business go to new owners who have the capability and clear intention to take the business to the next step.