Finnish mobile technologies company Nokia has confirmed that it is on the acquisition trail with plans to snap up several Internet-related firms within the next year.
Nokia realises that it has to expand its research base to stay ahead in the mobile communications market,according to analysts. Especially as it wants to add more advanced data transfer features in its products, such as Internet access and electronic exchange of business cards.
Jorm Ollila, Nokia?s president and chief executive confirmed the acquisition plans at ?Wall Street Journal? Europe?s CEO Summit on converging technologies held in London this week. The majority of companies on Nokia?s shopping list are in the US, he said.
Nokia established a new venture capital fund with a $100 million dollar US investment in June this year with a view to partnerships and small start-up acquisitions, Lauri Kibnen, senior vice president at Nokia headquarters in Finland confirmed to ?VNU Newswire? today. ?We are setting up an office in Silicon Valley particularly for this purpose. We want to be close to what is happening in the market there,? he said.
Kibnen said this did not rule out partnerships and acquisitions in other countries. ?We are looking at companies that match our needs, they could be anywhere, but primarily it is happening in the US,? he said.
Nokia is not the only mobile technologies company looking to buy small companies. Ericsson of Sweden has confirmed it is in talks to acquire several small Internet-related companies in the US. Earlier this year it bought start-up Californian internet company Juniper.
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