Lear Corporation to acquire GPS tech developer EXO Technologies

Automotive seating and electrical systems supplier Lear Corporation today announced that it is to acquire EXO Technologies, a developer whose GPS technology provides high-accuracy solutions for autonomous and connected vehicle applications.

Exo’s proprietary technology works with existing GPS receivers to provide centimetre-level accuracy without the need for terrestrial base-station networks.

“Lear is a leader in automotive connectivity solutions including Vehicle-to-Vehicle and Vehicle-to-Infrastructure communications,” said Matt Simoncini, Lear’s president and chief executive officer.

“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.”

Nuri Golan, EXO’s Co-Founder and CEO, said: “EXO has developed technology that is essential for the future of connected and autonomous vehicles. We are extremely excited to join the Lear family where we will provide unparalleled solutions for Vehicle-to-Vehicle, autonomous driving and other applications.”