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Updated: Microsoft Buys UK Online Mapping Company Multimap; Deal Worth $50 Million: Report

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Microsoft (NSDQ: MSFT) has acquired Multimap, one of the oldest online mapping companies in UK and Europe, for an undisclosed price. Terms of the deal were not disclosed. MSFT said the new acquisition will complement its existing offerings such as Virtual Earth, Live Search, Windows Live services.

The site/service was founded in 1996 for UK, and has since expanded for other countries in Europe. It provides maps of about 48 countries to both internet users and businesses such as Hilton, Vodafone, (NYSE: VOD) and others. It has raised about 2 million GBP in funding since it started. More in the release.

From this FT story late last month on the local mapping/info rivals: It took until 2003 to get Multimap to profit – and although it now employs 120 staff, gets 10 million unique visitors a month to its website and expects £12m in revenues this year, it made only a modest pre-tax profit of £877,000 in 2006.

Update: Times of London reports that the deal was worth $50 million, with $25 million going to founder Sean Phelan.