Russia internet conglomerate Mail.ru has announced the acquisition of MAPS.ME, a mobile maps and navigation service based on OpenStreetMap. Mail.ru said it will use the technology to bolster its My.com subsidiary globally with additional products and services.
Reuters says the transaction is worth more than $10 million according to unnamed sources.
MAPS.ME is available on both iOS and Android, allowing users browse downloaded maps of any location in the world both online and offline. The Swedish company, whose team will be joining Mail.ru upon the takeover, claims their data compression algorithm works fast, having served to over 7 million users since its release in 2011.
OpenStreetMap is managed and updated by editors from all over the globe, by adding cities, roads and locations. Mail.ru controls Vkontakte, the largest social network in Eastern Europe, owning 52% of company shares.
“Adding the MAPS.ME team to work together on our global expansion was a strategic move,” said Dmitry Grishin, Co-Founder and CEO of Mail.Ru Group, “OpenStreetMap has a remarkable idea of crowdsourced maps behind it, and we believe that its role all over the world is going to increase.