Apple has acquired HopStop.com, an “online city
transit guide” and mobile application founded in 2005 by Nigerian tech
entrepreneur Chinedu Echeruo. Echeruo’s company, HotStop.com was acquired by Apple
in a move to bolster the tech giant’s plan to upgrade its map offering,
following Google’s recent $1.1 billion acquisition of Israeli mapping startup,
Waze, which draws similarities with its new acquisition.
Confirming the acquisition to ABC News, Apple
spokeswoman Kristin Huguet said in a statement that the tech company “buys
smaller technology companies from time to time” and it generally does not
discuss its “purpose or plans”.
HotStop.com is a mobile application that helps
people get directions to subway stations and bus stops in over 300 cities. The
company also makes apps available on iOS and Android platforms.
HotStop’s founder, Chinedu Echeruo, is a serial
entrepreneur who has received several accolades including Black Enterprise
Magazine’s Small Business Innovator of the year and the magazine’s Top 40 under
40. He grew up in Eastern Nigeria and attended King’s College, Lagos. He also
attended Syracuse University and the Harvard Business School.
He founded HopStop.com after working several years
in the Mergers & Acquisitions and Leveraged Finance groups of J.P Morgan
Chase. Echeruo also worked at AM Investment Partners, a $500 million hedge
fund. He founded and raised nearly $8 million for his two U.S based internet
companies; Hopstop.com and Tripology.com.
In 2010, the latter was acquired by
American travel and navigation information company, Rand McNally. He is
currently a partner and head of the Principal Investing group at Constant
Capital, a West Africa based investment bank.
Source:
ventures
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