Magneti Marelli agrees to acquire software firm SmartMeUp
Magneti Marelli, Fiat Chrysler Automobiles' parts business set to be spun off to shareholders through a Milan listing, has inked a deal to purchase SmartMeUp, a perception software company for autonomous vehicles.
Based in France, SmartMeUp creates software for processing a sensor's signals, which maps the vehicle's environment in 3D and tracks the movement of objects surrounding the vehicle, the company said in a statement on Wednesday.
The agreement is expected to close in the fourth quarter.
"The acquisition of SmartMeUp, combined with the investment in LiDAR expert LeddarTech and the long established lighting and electronics capabilities, strengthens Magneti Marelli's contribution to autonomous driving development with focus on the sensing and perception components of the architecture" Magneti Marelli CEO Pietro Gorlier said in a statement.
What sets SmartMeUp's software apart from other processing tools, is that the software produces low heat and needs low computing power, the company said, which allows the software to be launched on a bigger scale.
The company produces components in lighting, powertrain and electronics, and employs approximately 43,000 employees in 20 countries.