In order to fund our growth and invest further in research and develpoment, TomTom successfully listed on the NYSE Euronext Amsterdam in May 2005.
As the navigation solutions industry continued to grow very rapidly, continued investment in technology was crucial in order to maintain TomTom's leading edge. In August 2005 TomTom acquired Datafactory AG, a telematics company based in Leipzig, Germany which formed the foundation for our Business Solutions business unit. Today we are the fastest-growing telematics service provider for fleet management in Europe. In January 2006 we purchased Applied Generics, a company specialising in the use of data from mobile networks for advanced routing of vehicles. The technology and team acquired remain a vital part of our dynamic content offering. Services such as IQ Routes and HD Traffic are examples of this investment focus.
June 2007 saw the acquisition of a 90-strong automotive engineering team from Siemens VDO's research and development division which formed the core of TomTom's Automotive business unit. This specialist knowledge was required in order to successfully sell to automotive manufacturers and laid the foundation for a new business for TomTom in the in-dash navigation systems market.
In July 2007 TomTom made a defining strategic decision to make an all-cash offer for Tele Atlas, one of the two largest global digital mapping companies. After EU Competition Commission approval, we completed the acquisition of Tele Atlas in June 2008. The integration of Tele Atlas has enabled us to speed up the release of new maps, increase map accuracy, make the map production process more efficient and ultimately deliver a better navigation experience for our customers.