Uber Technologies has renewed its partnership with TomTom, integrating the navigation company’s maps, APIs, and live services across its global platform. This agreement aims to improve routing, fare calculations, and pick-up and drop-off accuracy, especially in complex locations, potentially reducing travel time and enhancing operational efficiency for drivers and riders. The collaboration also utilizes anonymized data from Uber trips to keep TomTom’s maps up-to-date.
This partnership builds on their initial agreement from 2015, when Uber sought a mapping solution after losing a bid to acquire Nokia’s mapping division. Uber also acquired Microsoft’s Bing Maps imagery division around the same period, significantly boosting its mapping capabilities by incorporating street-level data from about 100 engineers.
As of now, Uber’s stock has decreased by 10.8% over the past six months, contrasting with a 69.6% growth in the broader Internet Services industry during the same timeframe. Uber currently has a forward price-to-sales ratio of 2.94x, indicating a lower valuation compared to its industry peers.
