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Lear Buys Telematics Software Company
Lear Corp. has agreed to acquire Xevo Inc., a Seattle-based software supplier of telematics systems, for $320 million.
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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.
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