Image source: TomTom

Navigation firm TomTom denies rumours it is looking for buyer

Dutch firm TomTom has denied rumours it is seeking a potential buyer.

According to Reuters sources, the supplier of digital maps, navigation technology and wearable tech has enlisted the services of Deutche Bank in a bid to sell the entire firm or a minority stake. TomTom was “tapping a range of potential buyers, including Asian investors” Reuters was told. Their sources added that the firm was looking into several strategic options.

Essential reading: TomTom fitness tracker range detailed in full

After initially declining the comment, TomTom issued a one line statement saying it “denies it has engaged a financial adviser to look for potential buyers”. So far, Deutsche Bank has declined to comment.

TomTom recently announced it is laying off 136 employees in a strategic refocus away from wearables towards its bread and butter mapping and navigation activity. The staff cut follows disappointing quarterly results which showed a significant year-on-year decline in consumer sales. This was mainly due to disappointing performance of its sports division, which includes fitness trackers and action cameras.

Headquartered in Amsterdam, the company currently employs some 4,700 staff across 40 countries. Valued at 1.74 billion euros, the outfit has been around since 1991. TomTom is best known for its GPS software and products which includes its own range of activity trackers and GPS sports watches.

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