Samsung's Harman buys an auto-tech startup
Harman, a car audio producer owned by Samsung Electronics, acquired U.S. automotive start-up Savari, the first deal after Samsung declared earlier this year that it would be more actively looking for mergers and acquisitions.
The Stamford, Connecticut–based Harman did not disclose the price.
Founded in 2011, Savari specializes in developing in-vehicle infotainment systems using its sensor technology and multi-access edge computing, a technique that brings computation and data storage closer to the devices being used.
Harman said the acquisition will help it improve advanced driving assistance systems (ADAS) capabilities and its overall automotive component business.
“Sensor technology is a core building block to propel the future of advanced mobility and automated driving,” said Christian Sobottka, President of the Automotive Division at Harman.
“Adding Savari’s MEC technology and team of experts is an important component as we continue to build an open platform based on 5G and V2X, working with several partners across the industry to meet the unique needs of our customers globally.”
The announcement was in line with expectations that Samsung’s main takeover targets would be in the automotive and chip industries.
Samsung’s chief financial officer said in January that it is on the hunt for major takeover targets over the next three years.
BY PARK EUN-JEE [email@example.com]