SANTA CLARA, Calif.--(BUSINESS WIRE)--Telenav®, Inc. (NASDAQ: TNAV), a leading provider of connected-car and location-based services, announced it has entered into a strategic partnership and transaction with Grab, Southeast Asia's leading super app, to boost the latter’s development of geo-based products and services using Telenav’s OpenTerra™ platform. Grab plans to use Telenav’s OpenTerra platform to process data from its fleet of vehicles to enhance its location-based services.
This is the first major deal for Telenav in which it will provide its OpenTerra platform to an outside company. As part of the agreement, Grab will purchase the technology underlying the OpenTerra platform with plans for certain members of the OpenTerra team to join Grab. Telenav will be able to continue developing the platform going forward through a license back to the OpenTerra platform, with the ability to provide and sub license the platform to current and future customers.
“With the rapid pace of development in Southeast Asia, building delightful location-based services and experiences can be challenging,” commented Hassan Wahla, Telenav co-president, automotive business unit. “Grab’s use of our OpenTerra platform validates the platform’s capabilities to leverage the power of data and AI technologies to contribute to better mapping and location-based solutions for Southeast Asia. We hope this is the first of many opportunities for us to partner strategically with Grab.”
“Because we come from ride hailing, we know how important maps are, and how important location data is becoming in the world. It goes beyond improving pick-up and drop-off times so that drivers earn more, and customers are happier. Better geo-mapping in Southeast Asia means less congestion, safer cities, supports businesses and economies, and aids in disaster relief. Grab is in a unique position to contribute to this effort, and today's partnership with Telenav will allow us to leverage the geo-mapping capabilities that they have developed, to not only enhance our location-based services, but also drive further innovation in this area. We have a good working relationship with Telenav and look forward to working with them on this and future projects,” Mark Porter, Grab Chief Technology Officer, Transport, Mobility and Core Technologies.
Closing of this transaction is subject to customary conditions and is expected to occur before end of Telenav’s fiscal year 2020.
Telenav is a leading provider of connected car and location-based services, focused on transforming life on the go for people - before, during, and after every drive. Leveraging our location platform, we enable our customers to deliver custom connected car and mobile experiences. Fortune 500 advertisers and local advertisers can now reach millions of users with Telenav’s highly-targeted advertising platform. To learn more about how Telenav’s location platform powers personalized navigation, mapping, big data intelligence, social driving, and location-based advertising, visit www.telenav.com.
Grab is the leading super app in Southeast Asia, providing everyday services that matter most to consumers. Today, the Grab app has been downloaded onto over 152 million mobile devices, giving users access to over 9 million drivers, merchants and agents. Grab has the region’s largest land transportation fleet and has completed over 3 billion rides since its founding in 2012. Grab offers the widest range of on-demand transport services in the region, in addition to food and package delivery services, across 336 cities in eight countries.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding Telenav’s strategic partnership with Grab, the capabilities of the OpenTerra™ platform, the expected timeframe for closing the transaction, and plans for the OpenTerra team to join Grab. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: the possibility that expected benefits of the transaction may not materialize as expected, if at all; risks related to Telenav’s or Grab’s ability to satisfy closing conditions under the agreement; and risks that the transaction may not be timely completed, if at all, as well as those risks and uncertainties included under the caption “Risk Factors” in Telenav’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019, and other filings with the U.S. Securities and Exchange Commission (“SEC”) including any subsequent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, which are available at the SEC’s website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent management’s beliefs and assumptions only as of the date made. You should review Telenav’s SEC filings carefully and with the understanding that actual future results may be materially different from what Telenav expects. Telenav disclaims any intent or obligations to update these forward-looking statements.
“Telenav,” “Scout,” “Thinknear” and the Telenav, Scout and Thinknear logos are registered trademarks of Telenav, Inc. Unless otherwise noted, all other trademarks, service marks, and logos used in this press release are the trademarks, service marks or logos of their respective owners.
© 2019 Telenav, Inc. All Rights Reserved.