Mexican Media Brands
Lear Buys Telematics Software Company
Lear Corp. has agreed to acquire Xevo Inc., a Seattle-based software supplier of telematics systems, for $320 million.
Share
Lear Corp. has agreed to acquire Xevo Inc., a Seattle-based software supplier of telematics systems, for $320 million.
Lear says it will fund the acquisition, which is expected to close in the second quarter, through debt financing. Xevo currently employs 300 people in Seattle and Tokyo.
Xevo's technology is currently available in more than 25 million vehicles, most of which are in the U.S. The company aims to use Lear’s resources and global presence to expand into Asia and Europe.
Xevo says its Journeyware system combines an interface with a cloud-based framework that allow drivers to interact with in-car content and mobile applications utilizing real-time data. Xevo Market, an automotive commerce and services platform, connects motorists with third-party service providers through in-vehicle touchscreens and smartphone applications.
The platforms leverage Xevo's artificial intelligence, computer vision, machine learning and data analytics technologies.
RELATED CONTENT
-
Cobots: 14 Things You Need to Know
What jobs do cobots do well? How is a cobot programmed? What’s the ROI? We asked these questions and more to four of the leading suppliers of cobots.
-
GM Develops a New Electrical Platform
GM engineers create a better electrical architecture that can handle the ever-increasing needs of vehicle systems
-
Multiple Choices for Light, High-Performance Chassis
How carbon fiber is utilized is as different as the vehicles on which it is used. From full carbon tubs to partial panels to welded steel tube sandwich structures, the only limitation is imagination.
