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
-
Mustang Changes for 2018
On Tuesday Ford unveiled—using the social media channels of actor Dwayne Johnson (this has got to unnerve some of the auto buff book editors)—the 2018 Mustang, which has undergone some modifications: under the hood (the 3.7-liter V6 is giving way to a 2.3-liter EcoBoost four, and a 10-speed automatic is available), on the dash (a 12-inch, all-digital LCD screen is available for the dashboard), at the tires (12 wheel choices), on the chassis (MagneRide damper technology is being offered with the Mustang Performance Package), and on the exterior (three new paint colors). And while on the subject of the exterior, there are some notable changes—a lower, remodeled hood, repositioned hood vents, new upper and lower front grilles, LED front lights, revised LED taillamps, new rear bumper and fascia.
-
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.
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.
