Radio company Sirius XM Holdings Inc. (NASDAQ: SIRI) acquired Automatic, a San Francisco, CA-based provider of connected vehicle data and analytics solutions for consumers and enterprises.
The financial terms of the transaction were not disclosed. The acquisition aims to deepen and expand SiriusXM’s connected vehicle offerings for drivers nationwide and automakers.
Following the close, which will occur in the second quarter of 2017, Automatic will continue to be based in San Francisco, and the Automatic brand, its products and services, and arrangements will continue unchanged.
Led by Gary Clayton, CEO, Automatic provides a data-driven platform that enables vehicle owners to drive safer and smarter. The company’s proprietary Automatic Pro and Automatic Lite connected car adapters (available at retailers and www.automatic.com) provide vehicle diagnostic alerts, emergency crash assistance, fuel monitoring, access to parking information, live vehicle location tracking and more. The company also works with insurance carriers to enable usage-based savings and teen driver coaching, and works with automotive dealers to provide tools to manage their vehicle inventory and customer service relationships.
Led by Jim Meyer, Chief Executive Officer, SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. The company also provides connected vehicles services, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation. It has approximately 31.6 million subscribers.
FinSMEs
01/05/2017