Lear Corporation, the Michigan-based global supplier of automotive seating and electrical systems, today announced that it 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.
"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," said Matt Simoncini, Lear's president and chief executive officer in a statement. "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.
"EXO has developed technology that is essential for the future of connected and autonomous vehicles," said Nuri Golan, EXO's 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." Financial terms of the transaction were not disclosed.
Lear operates 46 plants in Mexico. During the last four years the company has opened 12 plants in the country. The auto supplier estimates its Mexican workforce will total 56,000 employees by the end of the year.