HARMAN

Bangalore: HARMAN has announced that it has entered into a definitive agreement to acquire Interchain Solution, a technology product company that specializes in developing telematics, fleet management, Android based in-vehicle infotainment and location-based solutions. The transaction is subject to customary closing conditions and it is expected to close in late August.

The acquisition will expand HARMAN’s design and engineering footprint in India, and will augment the Company’s automotive infotainment and telematics offerings. Interchain’s products such as GWVectra and GWTrack will complement HARMAN’s portfolio and also expand the Company’s reach to include commercial vehicle makers.

Dinesh C. Paliwal, Chairman, President and Chief Executive Officer of HARMAN, said that, “We are delighted to have the outstanding team of specialists from Interchain join us. Some of the freshest and most innovative ideas are being developed in India and other emerging markets, and we will harness this energy such that customers get magnified gains through use of emerging technologies and platforms combined with Harman’s highly successful and proven infotainment solutions.”

Anand Ramamoorthy, Managing Director of HARMAN (India) said, “We believe the combination of Interchain and Harman will provide our customers in both established and emerging markets with a highly compelling proposition. In addition to enhancing our competitiveness, speed to innovate and spread of offerings in the space, it will allow us to offer our clients truly integrated and globally competitive products and solutions.”

Source: http://investor.harman.com/releasedetail.cfm?ReleaseID=698596