Lear Acquires Intellectual Property From Autonet Mobile

SOUTHFIELD — Lear Corp. (NYSE: LEA) the Southfield-based supplier of automotive seating and electrical distribution systems, announced that it has acquired intellectual property and technology from Autonet Mobile, a Santa Rosa, Calif.-based developer of software and devices for automotive applications.

As part of the acquisition, Lear has hired key members of Autonet Mobile’s software and product development team. The exact number of hires was not immediately disclosed.

Autonet Mobile will continue to operate and offer products to the automotive aftermarket through a technology license from Lear. Financial terms of the transaction were not disclosed.

Founded in 2005, Autonet Mobile’s technology directly connects on-board vehicle systems with cloud-based applications using proprietary data exchange capabilities via cellular networks.

The acquired intellectual property and technology will complement Lear’s wireless capabilities and provide growth opportunities for Lear’s electrical business. Combined with Lear’s expertise in embedded vehicle electrical distribution systems and related electronics capabilities, Autonet Mobile’s technology will help connect gateway modules with an array of features including over-the-air software update capabilities.

“The acquisition of Autonet Mobile’s technology is consistent with our strategy of adding software capabilities that will complement our electrical distribution business,” said Matt Simoncini, Lear’s president and CEO. “We continue to see excellent growth opportunities for our Electrical business as consumers demand greater connectivity features for their vehicles.”

Lear serves every major automaker in the world, and Lear content can be found on more than 300 vehicle nameplates. Lear products are designed, engineered and manufactured by a diverse team of about 135,000 employees located in 35 countries.

More at www.lear.com.

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