MicroVision (MVIS) to Buy Certain Assets From Ibeo for 15M Euros
Summary
MicroVision Inc MVIS has announced an agreement to acquire selected assets, IP and the engineering team of Ibeo Automotive Systems GmbH for approximately €15 million. The acquisition of Ibeos flash-based sensor will enable MicroVision to expand its multi-market strategy, which focuses on industrial, smart infrastructure, robotics and commercial vehicle segments. The company expects the above-mentioned product line, along with German and U.S. OEMs and non-automotive multi-market customers, to expand its total addressable market and generate revenues of approximately $8 to $15 million in 2023. MicroVisions position as a leading provider of lidar hardware and software solutions will be strengthened by acquiring Ibeos engineering, sales and marketing capabilities in Germany and the United States. Some better-ranked stocks from the broader technology space are Arista Networks ANET, Plexus PLXS and Super Micro Computer SMCI, each presently sporting a Zacks Rank #1 (Strong Buy).
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