Israeli-Hungarian GPS navigation solutions developer NavNGo Ktd. expects to make its first sales in China within a month. For the past couple of years, the company has been considered one of the leaders in its field.
NavNGo president Dudi Virnick said that the company's Chinese partners committed to sell at least five million units by the end of 2008, which will generate hundreds of millions of dollars of revenue this year.
Virnick and Kobi Halperin co-founded NavNGo by acquiring a Hungarian company, which became the foundation for an R&D center. The company has sales offices worldwide, since launching its popular iGo My Way GPS pocket navigation system in 2005. The company has never sought venture capital and is owned by its founders and employees.
NavNGo's breakthrough occurred two years ago, when it signed an agreement with Taiwanese company Mio International Ltd. to offer the inexpensive iGo My Way devices. The collaboration was terminated last week, when Mio switched to another supplier. High-tech market analysis company Canalys said that NavNGo was the third largest supplier of GPS navigation devices in the world in 2007, and dominated the Eastern European market.
According to Frost and Sullivan, the personal navigation device (PND) market is especially hot, with European sales also expected to triple from 10 million devices in 2006 to 30 million devices in 2012.
Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2008
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