This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

AutoNavi Announces Strategic Alliance With Alibaba To Develop Location-Based E-Commerce Opportunities

BEIJING, May 10, 2013 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today announced that the Company and several entities affiliated with Alibaba Group ("Alibaba") have agreed to form a strategic alliance to jointly explore and develop location-based e-commerce opportunities.  

The parties plan to share certain data, including AutoNavi's map data and location-related information of the merchants on Alibaba's e-commerce platforms, including Taobao Marketplace and Tmall.com. AutoNavi and Alibaba will also cooperate in the areas of  map engine, location search, navigation and cloud computing services and will cross-promote their respective products and services, with a goal of developing new location-based business models. In addition, AutoNavi announced that the parties have entered into definitive agreements whereby Alibaba, through a wholly owned subsidiary, will invest approximately $294 million in newly issued preferred and ordinary shares of the Company, representing approximately 28% of the Company's total issued and outstanding shares on a fully-diluted basis. Joseph C. Tsai, executive vice chairman of Alibaba, and  Eddie Wu, president of Alibaba's mobile products division, will join AutoNavi's board of directors upon the closing of the transaction. The transaction is expected to close in the near future, subject to the satisfaction of customary closing conditions. "We are excited to have Alibaba as an important business partner and strategic investor in our company," said Congwu Cheng, AutoNavi's chief executive officer. "Our new alliance with Alibaba highlights the importance of map applications as a key entry point for mobile services in the age of smartphones. With Alibaba's support, AutoNavi will be able to establish a massive platform of points of interest ("POIs") related to the kinds of services our users seek every day. The alliance will also enable us to create an innovative monetization model by providing consumers with a one-stop service application that integrates merchant information with POIs search, data mining, payment, and other e-commerce activities." "This new alliance reflects our vision for the future of the mobile Internet," said Jack Ma, executive chairman of Alibaba. "We're pleased to work with partners such as AutoNavi to develop terrific applications and services that bring more convenience, fun, and joy to our users. We'll continue to work toward this goal with tireless enthusiasm."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs