Lear to acquire EXO Technologies
Lear Corporation, a global supplier of automotive seating and electrical systems, announced it has entered into a definitive agreement to acquire Israel-based EXO Technologies, a developer of GPS technology for autonomous and connected vehicle applications. EXO Technologies has operations in San Mateo, California, and Tel Aviv, Israel.
"Lear is a leader in automotive connectivity solutions including vehicle-to-vehicle and vehicle-to-infrastructure communications. The acquisition of EXO Technologies will provide Lear with a differentiated technology to significantly improve GPS accuracy and reliability, thereby enhancing vehicle safety and enabling autonomous driving," said Matt Simoncini, Lear's President and CEO. "The combination of EXO Technologies with Lear's existing resources further strengthens our connectivity capabilities. We see excellent growth opportunities for our E-Systems business as the proliferation of connected and autonomous vehicles will drive increased demand for improved accuracy and reliability in vehicle positioning."
EXO Technologies has developed core technology that addresses the need for high-accuracy positioning in a vehicle. Its proprietary technology works with existing GPS receivers to provide centimeter-level accuracy anywhere on the globe without the need for terrestrial base-station networks. The integration of EXO's technology with Lear's vehicle and connectivity expertise enables an industry-leading vehicle positioning solution, according to the companies.
"EXO has developed technology that is essential for the future of connected and autonomous vehicles," said Nuri Golan, EXO's Co-founder and CEO. "We are extremely excited to join the Lear family where we will provide unparalleled solutions for vehicle-to-vehicle, autonomous driving, and other applications."
Financial terms of the transaction were not disclosed.