IN BRIEF: Seeing Machines partners with Valeo, acquires Asaphus Vision
Summary
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. Seeing Machines will acquire Valeos monitoring perception system software through Asaphus as well as a new office in Berlin. 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."