Abalta's success over the past several years has resulted in year-to-date (YTD) revenue growth of 150 percent compared to 2015. Zenrin's investment validates Abalta's strategy and enables the company to accelerate investments in their core technologies including WebLink for branded OEM user experiences, SmartLink for over the air (OTA) updates, and Eolas mapping tools for location-based services. "We value Abalta's strong infotainment expertise, engineering capabilities, and mapping background," says Zenshi Takayama, President of Zenrin. "We look forward to offering a broader set of services to our automotive partners as a result."
Zenrin, which has been a leader in the mapping industry since 1948, is a pioneer in high-definition data products required for autonomous vehicles and geo-temporal databases needed for location-based information that evolves over time. "We're excited to be working with such a thought leader, and are looking forward to combining our mapping and connected car know-how to accelerate the development of next-gen solutions for automotive," says Michael O'Shea, Abalta's CEO.
The Japanese company, which has just embarked on a five-year growth plan, is targeting $700 million by 2020 in consolidated revenue by creating additional value in the location-based marketplace and by offering additional connected-car products and services. "The investment in Abalta is a key element of our plan to grow our business globally," adds Takayama. "They have one of the strongest engineering teams in the industry and we are excited to work with them to advance the connected car industry."
Abalta Technologies, Inc. is a leader in the connected car landscape. Abalta has developed an innovative platform to enable car companies, automotive electronic firms and tier 1 suppliers to bridge the gap between the smartphone and the car's infotainment system. Abalta's platform enables unique branded experiences to be delivered from the smartphone to the car's infotainment system over USB, Bluetooth or Wi-Fi. Abalta has unrivaled expertise across automotive and mobile platforms and maintains long-standing relationships with a portfolio of over 60 of the most recognized brands in the world. Abalta has helped these leading brands transform their mobile product visions into meaningful experiences for businesses and consumers alike. Abalta Technologies is headquartered in Torrance, California and has development centers in San Diego, California and Sofia, Bulgaria. For more information, visit http://www.abaltatech.com/.
SOURCE Abalta Technologies, Inc.