US startup nuTonomy bought by Delphi for $450mn
NuTonomy Inc., a self-driving software technology startup, has been bought by Delphi Automotive PLC in a deal totalling $450mn, the companies report.
The transaction includes a $400mn upfront purchase price, with an additional approximate $50mn coming from earn-outs.
“Our mission has always been to radically improve the safety, efficiency, and accessibility of transportation worldwide,” said nuTonomy co-founder and CEO, Karl Iagnemma.
“Joining forces with Delphi brings us one step closer to achieving our goal with a market-leading partner whose vision directly aligns with ours. Together we will set the global standard for excellence in autonomous driving technology.”
Delphi’s acquisition will see the industry’s leading startup and Tier 1 in autonomous driving brought together in the attempt to accelerate the company’s development and commercialization of autonomous vehicles and self-driving solutions for its global customer base.
“We are delighted to welcome Karl, Emilio, and their talented team to Delphi,” said Delphi’s President and Chief Executive Officer, Kevin Clark.
The acquisition is the latest in a series of investments from Delphi in the aim of consolidating and improving its position in the autonomous vehicle market, with the company having acquired both Ottomatika, an AD software developer, and two data service companies; Control-Tec and Movimento.
“The combination of the nuTonomy and Ottomatika AD teams, along with Delphi’s industry-leading portfolio of perception systems and smart vehicle architecture solutions, further enhances our competitive position as the industry’s most formidable provider of autonomous mobility solutions,” Clark continues.
“This transaction is another example of our ongoing dedication to developing, implementing, and commercializing the highest performing and safest AD system available.”
Once complete, the deal will see Delphi take over nuTonomy’s operations in Boston, Pittsburgh, Singapore, Santa Monica and Silicon Valley, where the startup has been testing its automated mobility on-demand (AMoD) solutions.
In line with this expansion and the new capabilities that it will bring to Delphi, the company hopes to have as many as 60 road-ready autonomous vehicles running across three continents by the years end.