SiriusXM will spend $530 million cash to buy...
SiriusXM will spend $530 million cash to buy Agero Inc.’s connected-vehicle services business, it said Thursday. The business is a big supplier of telematics services to the automakers, SiriusXM said. After the acquisition is complete in Q4, SiriusXM will provide…
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connected-vehicle services to more automakers than any other telematics supplier, it said. SiriusXM CEO Jim Meyer called the acquisition “a natural fit” for his company. The deal will speed “SiriusXM’s development in architecture supporting connected vehicle services, as well as the ability to provide services over both satellite and cellular networks,” he said in a statement. On his company’s quarterly earnings call last month, Meyer said SiriusXM wants to be “a leader in the connected-car architecture as it rolls out” (CD July 26 p13).