Technology company Continental has signed a definitive agreement to acquire a 5 percent indirect ownership stake in HERE Technologies, a global leader in mapping and location services. The share will be sold by HERE’s current indirect shareholders, Audi AG, BMW Group and Daimler AG. The involved parties have agreed not to disclose any financial details. The transaction is subject to merger control approval.
In addition to the investment, Continental will sign a collaboration agreement with HERE. The aim is to pave the way for technologies that facilitate the reliable availability of highly accurate data for the efficient transportation of people and their goods. The companies are focused on global solutions to support the needs of the automotive and mobility industries across all major markets.
“Digital maps and location-based services are key innovations for the future of connected mobility. By leveraging HERE’s technology, we look forward to generating further profitable growth in mobility services and automated driving,” said Dr. Elmar Degenhart, Continental CEO.
Edzard Overbeek, CEO of HERE Technologies, said: “Our vision for HERE is to enable an autonomous world for everyone. To achieve this you need strong partners that complement each other in different areas. Therefore, we are excited to welcome Continental as both a strategic investor and strong partner with whom we can work together on the future of mobility and transportation.”
Continental and HERE have already proven their expertise in joint development projects. This new collaboration will leverage the complementary technologies of both companies. This includes Continental’s experience from its Intelligent Transportation Systems (ITS) business unit in mobility services and in service operations, the know-how of the Continental affiliate Elektrobit in software, cyber security and embedded systems capabilities as well as HERE’s expertise in high-resolution digital mapping, software and cloud services.
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