Uncommon Success of NAVTEQ and CEO Judson Green '74 Subject of Seattle Times Story

November 29, 2004

November 29, 2004, Greencastle, Ind. - "If NAVTEQ's journey were plotted like one of the maps it creates, it would look something like this: Struggle for years to build a trove of geographical data, losing lots of money along the way. Hire a veteran executive to help make the company profitable. Float an initial public offering. Watch stock nearly double within two months. Sounds like a treasure map," writes today's Seattle Times of the company led by Judson Green, a 1974 graduate of DePauw University.

The text, originally published in the Chicago Tribune, continues, "NAVTEQ's good fortune since it went public in August stems from a dominant position in fast-growing markets, particularly navigation systems for autos. NAVTEQ makes the in-dash digital maps that drivers consult in cities from Amsterdam to Zion, Illinois. The Chicago company also is strong in the promising market of mobile devices, such as personal digital assistants and cellphones, with mapping features. On the Internet, NAVTEQ's product is the backbone behind popular mapping sites like MapQuest."

The article, which includes a color photo of the CEO, points out that NAVTEQ was born in 1985 with the support of Philips Electronics, but in 2000, with the company foundering, "Philips brought in Green to get the company into shape for an IPO. At the time, Green was heading Walt Disney Co.'s theme-park-and-resort segment. NAVTEQ offered a new challenge, and moving to Chicago was appealing, said Green, who grew up in Quincy, Illinois." Greg Capelli, a stock analyst in Chicago with Credit Suisse First Boston, says, "This company is growing really fast. This is a good story for Chicago."

The story notes that only 3% of cars sold last year were equipped with navigation devices and that the business is poised to grow exponentially. Mike Hughlett notes, "Analysts are expecting the price of navigation systems to fall as economies of scale improve. Today, a navigation unit, which includes a map database, costs a carmaker about $1,000. By the time it's offered to consumers, it's usually marked up to about $2,000, analysts say. But as prices fall, Green sees navigation systems going the way of power steering, radios and anti-theft devices. 'This is a technology that has the potential to be standard in all cars,' he said.

Read more at the Seattle Times' Web site by clicking here.

Judson Green, a member and former chair of DePauw University's Board of Trustees, was recently elected to the board of Harley-Davidson. Read more here.

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