Southfield-based automotive seating supplier Lear Corp. today announced a definitive agreement to acquire Israel-based EXO Technologies, a developer of GPS technology that provides high-accuracy solutions for autonomous and connected vehicle applications. EXO Technologies has operations in San Mateo, Calif. and Tel Aviv.
“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,” says Matt Simoncini, Lear Corp.’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 proprietary technology that addresses the need for high-accuracy vehicle positioning. It works with existing GPS receivers to provider centimeter-level accuracy anywhere in the world without needing terrestrial base-station networks.
The integration of EXO’s technology with Lear Corp.’s vehicle and connectivity expertise enables an innovative vehicle positioning solution, Simoncini says.
Financial terms of the agreement were not disclosed.