Xevo Inc., an investee of Inspire Investment Corporation and a global leading automotive software supplier that develops solutions of connected car and smart user experience, announced it has entered into a definitive agreement to be acquired by Lear Corporation (NYSE: LEA), a global automotive technology leader in seating and electrical and electronic systems.
“Xevo’s user interface establishes a connected marketplace for consumers in their vehicles, unlocking previously unrealized value from vehicle data and opening up new revenue streams.” said John Absmeier, Lear’s Chief Technology Officer. Through this acquisition there will be new solutions available to Lear Corporation’s connected services and the global expansion of Xevo will be accelerated with the collaboration with Lear.
Under the terms of the definitive agreement for the full acquisition, the remaining shares of Xevo held by INSPiRE Investment will be sold to Lear Corporation.
Inspire Investment Corporation