(RTTNews) - Lear Corp. (LEA) announced a definitive agreement to acquire Seattle-based Xevo Inc., an automotive software supplier that develops solutions for cloud, car, and mobile devices. Lear will acquire all the outstanding shares of Xevo for $320 million. The transaction is expected to close in the second quarter of 2019.
Xevo solutions for cloud, car, and mobile devices leverage computer vision, machine learning, and data analytics to continuously create, test, and deploy new AI models that improve performance, safety, and driver experiences. Xevo's Journeyware suite of automotive products seamlessly connects drivers and their vehicles to mobile applications, content, and services. Xevo's technology is currently available in over 25 million vehicles located primarily in the U.S..
Ray Scott, Lear's CEO, said: "This transaction is consistent with our stated capital allocation strategy. It allows us to enhance our capabilities in software, services, and data analytics and strengthen our market position in connectivity."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.