SOUTHFIELD, Mich. – Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical distribution systems, today announced that it has acquired intellectual property and technology from Autonet Mobile, a Santa Rosa, California based developer of software and devices for automotive applications. As part of the acquisition, Lear has hired key members of Autonet Mobile's software and product development team.
Founded in 2005, Autonet Mobile's technology directly connects on-board vehicle systems with cloud-based applications using proprietary data exchange capabilities via cellular networks.
The acquired intellectual property and technology will complement Lear's industry-leading wireless capabilities and provide growth opportunities for Lear's Electrical business. Combined with Lear's expertise in embedded vehicle electrical distribution systems and related electronics capabilities, Autonet Mobile's technology will help connect gateway modules with an array of features including over-the-air software update capabilities.
"The acquisition of Autonet Mobile's technology is consistent with our strategy of adding software capabilities that will complement our electrical distribution business," said Matt Simoncini, Lear's president and chief executive officer. "We continue to see excellent growth opportunities for our Electrical business as consumers demand greater connectivity features for their vehicles."
Autonet Mobile will continue to operate and offer products to the automotive aftermarket through a technology license from Lear. Financial terms of the transaction were not disclosed.
About Lear Corporation
Lear Corporation (NYSE: LEA) is one of the world's leading suppliers of automotive seating and electrical distribution systems. Lear serves every major automaker in the world, and Lear content can be found on more than 300 vehicle nameplates. Lear's world-class products are designed, engineered and manufactured by a diverse team of approximately 135,000 employees located in 35 countries. Lear currently ranks #174 on the Fortune 500. Lear's headquarters are in Southfield, Michigan. Further information about Lear is available at http://www.lear.com.
SOURCE Lear Corporation
CONTACT: Investor / Media: Mel Stephens, (248) 447-1624
Web Site: http://www.lear.com