SiriusXM Buys Agero's Connected-Vehicle Operations
August 16, 2013 at 4:07 AM (PT)
SIRIUS XM RADIO is buying the connected-vehicle services division of AGERO INC. for $530 million. AGERO provides telematics services to several auto makers.
"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," said SIRIUS XM CEO JIM MEYER. "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."