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Siriusxm Agrees To Buy The Connected Vehicle Unit Of Medford’s Agero For $530m : News

Sirius XM Radio said Thurday that it has agreed to buy connected vehicle services business of Agero Inc. for $530 million in cash.

Agero, a unit of the Cross Country Group, is headquartered in Medford. The transaction is expected to close in the fourth quarter of 2013, Siri said in a press release.

The connected vehicle unit of Agero provides telematics services such as safety, security, and convenience services for drivers and end-to-end, turnkey solutions for automakers. Following the acquisition, SiriusXM said it will provide connected vehicle services to more automotive manufacturers—including Acura, BMW, Honda, Hyundai, Infiniti, Lexus, Nissan, and Toyota – than any other telematics provider.

Agero operates three business units. It will retain its roadside assistance and information and claims management businesses. The connected vehicle unit that is being sold has its operations in Texas, a company spokesman said.

In a statement, SiriusXM chief executive Jim Meyer said: “The acquisition of Agero’s connected vehicle business is a natural fit for Sirius XM. As the world’s leading provider of in-vehicle subscription services, SiriusXM is uniquely positioned to offer world-class end-to-end telematics services. The transaction accelerates SiriusXM’s development in architecture supporting connected vehicle services, as well as the ability to provide services over both satellite and cellular networks. Agero’s connected vehicle team is known for their experience, innovation, and technology, and we look forward to welcoming them to SiriusXM as we work to capture the significant growth opportunities in connected vehicle services.”


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Sources : Sirius Buys Connected-vehicle Unit Of Agero Photo | Sirius Buys Connected-vehicle Unit Of Agero Article

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