Telenav Augments Parking Solutions With Parkopedia Tie-Up
Connected-car services provider, Telenav, Inc. TNAV recently announced a partnership with Parkopedia to introduce hassle-free parking services through its much-acclaimed In-Car Commerce (“ICC”) platform and VIVID Commerce solution. Markedly, the ICC platform saves valuable time and money of the drivers, enabling them to make on-the-go purchases in a safe and convenient manner. The partnership underscores Telenav’s commitment to deliver avant-garde Internet-based entertainment services, especially at a time when parking operators migrate toward advanced technologies for seamless parking experiences.
It is worth mentioning that in-car commerce is being considered as the new trendsetter in the domain of automated driving industry as well as for various e-commerce companies. With advanced parking facilities in 89 countries, Parkopedia leads the list of providing innovative in-car commerce solutions. The company provides real-time parking information and leverages in-car technology to create a seamless experience for drivers. Its innovative data collection technology includes proprietary software, computer vision and AI. Further, Parkopedia’s services are incorporated in more than 20 of the world’s leading automotive brands like BMW, Ford Motor Company F, General Motors Company GM and Toyota Motor Corporation TM.
Telenav’s VIVID Commerce, a unit of VIVID connected-car platform, is a personalized cloud-connected infotainment platform that provides OEMs with a faster way to offer drivers with best-in-class features like entertainment, navigation and commerce with proper vehicle controls. Its all-in-one architecture and seamless cloud services are the primary revenue generators for the company. The incorporation of Parkopedia’s parking technology into VIVID Commerce platform will enable drivers to reserve and pay for off-street parking with first-hand access to real-time parking information. For extra safety and security, the combined solution will also feature voice assistance technologies.
Telenav has established itself as one of the premier companies in the auto industry, offering smarter and safer connected car solutions to Tier-1 automotive suppliers and OEMs. The Santa Clara, CA-based company also leverages its location-based service platform and data intelligence to develop advanced offerings for automotive consumers. With a flexible and scalable platform, Telenav is considered to be a pioneer in the field of mobile navigation and has incorporated the same in nearly 20 million vehicles. Notably, Telenav believes that its differentiated product portfolio, including connected navigation, VIVID infotainment platform and In-Car Commerce bode well for future opportunities with consistent investments in high-growth markets.
Telenav currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for the company’s current-year earnings has been revised 21.4% downward in the past 30 days to 22 cents. The stock is currently trading with a forward P/E of 25X. Shares of Telenav have lost 24.3% against the industry’s growth of 5.5% in the past year.
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