US automotive seating and electrical systems supplier Lear Corporation (NYSE: LEA) today announced that it is acquiring Israeli company EXO Technologies, which develops GPS technology providing high-accuracy solutions for autonomous and connected vehicle applications. No financial details about the deal were disclosed.
EXO Technologies, which has operations in San Mateo, California and Tel Aviv, was founded by CEO Nuri Golan, CTO Adam Hillier, CMO Isaac Zafarani and CBDO Adam Weiner. Investors include Mayer Group's NEXTGEAR Fund, which is part of the Drive partnership venture currently undergoing expansion.
Lear president and CEO Matt Simoncini said, "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. 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.
Golan said, "EXO has developed technology that is essential for the future of connected and autonomous vehicles. We are extremely excited to join the Lear family where we will provide unparalleled solutions for Vehicle-to-Vehicle, autonomous driving and other applications."
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2017
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