Lear to acquire EXO Technologies for connected car tech
Lear Corporation, a global supplier of automotive seating and electrical systems, has entered into a definitive agreement to acquire Israel-based EXO Technologies, a developer of GPS technology providing high-accuracy solutions for autonomous and connected vehicle applications.
EXO Technologies has operations in San Mateo, California, and Tel Aviv, Israel. Financial terms of the transaction were not disclosed.
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.
EXO Technologies offers a software-based GPS approach — PICO pinpoint positioning software — that enhances GNSS receivers. By correcting satellite orbit error and clock error, it eliminates the inherent error sources within navigation messages. Its algorithms reduce complementary errors and construct a full positioning solution.
The integration of EXO’s technology with Lear’s vehicle and connectivity expertise will enable a superior vehicle positioning solution, the companies say.
“EXO has developed technology that is essential for the future of connected and autonomous vehicles,” said Nuri Golan, EXO 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.”
“Lear is a leader in automotive connectivity solutions including Vehicle-to-Vehicle and Vehicle-to-Infrastructure communications,” said Matt Simoncini, Lear’s president and chief executive officer. “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,” Simoncini said. “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.”
[“Source-gpsworld”]
