Lear Corporation has entered into a definitive agreement to acquire Israel-based EXO Technologies. Lear Corporation is global supplier of automotive seating and electrical systems while EXO Technologies, a developer of GPS technology providing high-accuracy solutions for autonomous and connected vehicle applications.
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.
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. The integration of EXO’s technology with Lear’s vehicle and connectivity expertise enables an industry leading vehicle positioning solution.
EXO technologies is another Israeli startup in automotive space to be acquired after Mobileye, Argus Cyber Security in recent times.