Apple Buys Nigerian Entreprenuer Chinedu Echeruo’s Online Mapping Startup For $1 Billion

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This should come as great news to all entrepreneurs and those thinking of startups.Apple has acquired Nigerian Entrepreneur Chinedu Echeruo’s, The Wall Street Journal’s publication, AllThingsDigital reports.

Founded in 2005, makes mobile applications for both iOS and Android that covers over 300 cities and that helps people get directions or find nearby subway stations and bus stops. Terms of the deal have not been disclosed as at the time of this publication.

HopStop has oft been compared to Israel’s Waze which was recently acquired by Google for $1 billion. The move is seen as Apple’s plan to bolster its map offering especially given Google’s recent acquisition of Waze.

Chinedu Echeruo grew up in the east, and attented Kings College in Lagos. He completed his bachelor’s degree from Syracuse university and went on to Havard Business School for his graduate studies.

He founded after working for several years in the Mergers & Acquisitions and Leveraged Finance groups of J.P Morgan Chase where he was involved in a broad range of M&A, Financing and Private Equity transactions. He also worked at AM Investment Partners, a $500 million volatility-driven convertible bond arbitrage hedge fund.