8th Jul 2024 18:56
Seeing Machines Ltd - Canberra, Australia-based driver safety technology developer - Partners with French automotive parts supplier Valeo to meet demand for global driver safety technology. Further, company acquires Berlin-based Valeo subsidiary and driver safety software company Asaphus Vision. Seeing Machines will acquire Valeo's monitoring perception system software through Asaphus as well as a new office in Berlin.
Total purchase price is USD6 million, with the initial USD1 million to be paid on signing and an additional USD1 million to be paid one year thereafter. The remaining USD4 million will be paid on the fifth anniversary of the acquisition. Seeing Machines expects the acquisition to be cash neutral in the short term with revenue upside overtime.
Seeing Machines Chief Executive Officer Paul McGlone says: "With our shared culture of innovation, this collaboration will enable our team to continue to lead the interior sensing market as we complement our highly specialised skills and work with Valeo, a world leading automotive technology company, to deliver driver and occupant monitoring solutions to more automotive customers, globally."
Current share price: 4.60 pence
12-month change: down 15%
By Aidan Lane, Alliance News reporter
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