Global automotive cockpit electronics supplier Visteon Corporation (VC) today announced it has signed an agreement to acquire AllGo Systems, a leading developer of embedded multimedia system solutions to global vehicle manufacturers. The agreement, which is subject to customary closing conditions and regulatory approvals, is expected to close during the first quarter of 2016.
The deal, due to close in the next three months, will value the Bengaluru-based startup at upto Rs 200 crore( $ 30 million) according to two sources familiar with the specifics of the deal.
Headquartered in Bangalore, India, AllGo is a leading infotainment media playback supplier, bringing Linux and Android engineering expertise for automotive applications, including a comprehensive intellectual property (IP)-protected portfolio of in-vehicle-infotainment, media and connectivity solutions for the connected display audio market.
“AllGo’s strong position in multimedia and smartphone connectivity software adds greater scale and depth to Visteon’s infotainment software capabilities,” said Sachin Lawande, Visteon president and CEO. “AllGo’s ready-to-use IP provides automotive manufacturers with a turnkey software-on-chip (SoC) solution to cost-effectively introduce smartphone and mobile applications from the vehicle’s audio head unit.”
“We are looking forward to joining Visteon at this exciting time in the company’s growth in the connected technology space,” said K. Srinivasan, director and CEO, AllGo Systems. “With our production-proven middleware and Visteon’s expertise in automotive infotainment solutions, the two companies have a strong strategic fit that will enable us to expand our global market share in the connected display radio market.”
“The addition of AllGo’s assets and talented workforce will enable Visteon to accelerate the innovation and penetration of affordable automotive infotainment solutions,” Lawande said. “We’re looking forward to working with the AllGo team and its customers.”