BELLEVUE, WA., April 17, 2019 — Today, Xevo Inc, a leading automotive software supplier that develops solutions for cloud, car, and mobile devices, has announced the completion of the previously announced acquisition by Lear Corporation (NYSE: LEA), a global automotive technology leader in seating, electrical, and e-systems.
Xevo’s Journeyware suite of products combines a user-friendly interface with a cloud-based framework that allows drivers to seamlessly interact with in-car content and mobile applications utilizing real-time data. Xevo Market, an automotive commerce and services platform, connects consumers with popular food, fuel, parking, hotel, and retail brands through in-vehicle touchscreens and OEM-branded mobile applications.
The acquisition will expedite the global expansion of Xevo’s in-vehicle data monetization and connected car platform and will expand Lear’s connectivity offerings with leading-edge technology platform and recurring revenue system. “Automakers have embraced the potential of Xevo’s e-commerce platform and the deeply customizable driver experiences made possible by Xevo’s artificial intelligence technology,” said Dan Gittleman, Xevo’s Chief Executive Officer. “With Lear’s reach, we can scale Xevo’s innovative technology and business model to a global customer base.”
“With the acquisition of Xevo, Lear advances its leadership position in the global trends reshaping the automotive industry,” said Ray Scott, Lear’s Chief Executive Officer. “This transaction is consistent with our stated capital allocation strategy. It allows us to enhance our capabilities in software, services, and data analytics and strengthen our market position in connectivity. Xevo’s world-class team brings an invaluable pool of experience and expertise to our organization, and I am delighted to welcome them to the Lear family.”
Evercore served as the exclusive financial advisor to Xevo in this transaction.
Read the Lear press release here.
About Xevo Inc.
Xevo Inc. is a trusted Tier 1 automotive supplier of software deployed in millions of vehicles worldwide. Xevo solutions for cloud, car, and mobile devices leverage computer vision, machine learning, and data analytics to continuously create, test, and deploy new AI models that improve performance, safety, and driver experiences. Xevo’s Journeyware suite of automotive products seamlessly connects drivers and their vehicles to mobile applications, content, and services. Xevo Market, its merchant-to-driver platform, connects customers with their favorite brands by delivering highly-contextual offers through the touchscreens of their vehicles and their vehicle-branded mobile apps. Xevo employs over 300 people primarily in Seattle and Tokyo, and Xevo technology is licensed in vehicle systems worldwide to several of the world’s largest automotive manufacturers. For more information, visit xevo.com.
About Lear Corporation
Lear is a global automotive technology leader in seating and electrical and electronic systems. Lear serves every major automaker in the world, and Lear content can be found on more than 400 vehicle nameplates. Lear’s world-class products are designed, engineered, and manufactured by a diverse team of approximately 169,000 employees located in 39 countries. Lear currently ranks #148 on the Fortune 500. Lear’s headquarters are in Southfield, Michigan. Further information about Lear is available at lear.com, or follow us on Twitter @LearCorporation. Lear is where passion drives possibilities.