Automotive seating and electrical systems manufacturer Lear Corporation recently entered into an agreement to purchase GPS technology developer EXO Technologies for an undisclosed amount.
EXO Technologies’ innovations solve the problem of high-accuracy positioning in a vehicle. The technology works by providing centimeter-level accuracy anywhere on earth using existing GPS receivers and without the need for terrestrial base-station networks.
Lear will use this technology with its vehicle connectivity application.
“Lear is a leader in automotive connectivity solutions including vehicle-to-vehicle and vehicle-to-infrastructure communications,” Lear President and CEO Matt Simoncini said. “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. 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’s co-founder and CEO Nuri Golan said his company’s technology is essential for the future of connected and autonomous vehicles.
Lear currently employs 156,000 employees worldwide and its electrical systems can be found in more than 400 nameplates globally. The company celebrated its 100th anniversary this year.