Business

TomTom, Samsung strike smartphone deal

AMSTERDAM| Shares in TomTom NV have surged after the company said it has struck a deal with Samsung to include the Dutch company’s navigation software on a new line of smartphones.

TomTom is best known as Europe’s largest maker of portable navigation devices, though it lags Olathe-headquartered Garmin Ltd. in North America and overall. TomTom owns one of the world’s best map databases, and expects future revenues to come increasingly from incorporating its software and maps into third-party products produced by others, such as phones and cars.

Its deal with Samsung Electronics Co. is for the South Korean company’s upcoming “Wave3” phone.

TomTom shares were up 6.7 percent to (euro) 3.129 in early Amsterdam trading on Tuesday.

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