Lear Corporation has entered into a definitive agreement to acquire Israel-based EXO Technologies, a developer of GPS technology for autonomous and connected vehicle applications. It 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 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… 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."
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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 centimetre level accuracy anywhere on the globe without the need for terrestrial base station networks.
"EXO has developed technology that is essential for the future of connected and autonomous vehicles," said Nuri Golan, EXO's co founder and CEO.
