The leading navigation software company denies report of plans to sell.
Péter Balogh, the founder of automotive navigation software developer NNG, stood down as CEO of the company with effect from July 1, and became chief advisor to the board. Péter Szombathelyi, long time COO at NNG, has been made acting CEO, the company announced.
“NNG, being at the beginning of massive global expansion, needs a professional and globally experienced CEO with the capabilities of taking the company to the next level,” Balogh said about the change. “This also gives me the opportunity to concentrate on long-term strategies and the vision of the company as an advisor, while pursuing my passion – consulting and supporting other start-up companies.”
An article on the GPS Business News website linked Balogh’s stepping down to the shareholders “actively looking after [sic] the sale of the company”. The report claimed private equity funds had been approached and due diligence conducted, before adding “nothing more has filtered until now”.
Asked about this report by the Budapest Business Journal, the NNG management denied plans for a sale. In a statement released through its communications agency, Café PR, the management said: “As we continue to work on strengthening our position in the automotive industry, the shareholders have no intention of selling the company at this point. To sum up, we are focused on expanding NNG’s strength and global presence and taking the company to the next level. We plan to hire a CEO with global experience in the near future to help facilitate that plan.”
The decision was proceded by months of planning and preparation with the company’s stakeholders, NNG said. Szombathelyi will concentrate on coordinating further development of internal processes and streamline work-flow and has been preparing for this task for several months, the company said.
Founded in 2004, NNG claims to be one of the fastest growing companies in Europe, maintaining 11 offices worldwide with more than 800 employees – and still growing rapidly. Most of the workers are software developers in the firmʼs Budapest HQ, though it has recently opened another center in Szeged. It’s best known software is the iGO primo navigation program, and it currently supplies seven of the world’s top ten automakers.