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Tuesday, June 28, 2022

Sweden-born Movimento sold to Delphi

One of the largest auto parts makers Delphi Automotive PLC has acquired Gothenburg-founded Movimento, a provider of Over-the-Air (OTA) software lifecycle and data management for the automotive sector.

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Movimento’s technology platform enables manufacturers to quickly and efficiently upgrade or fix software at all stages of a vehicle’s lifecycle. Annually it updates tens of millions of electronic control units in millions of vehicles.

“The acquisition of Movimento strengthens Delphi’s position as a leading end-to-end systems and software provider to the industry as vehicle connectivity becomes increasingly ubiquitous,” Kevin Clark, president and CEO of Delphi Automotive, said in a statement.

The 2004-founded Movimento raised $9.6 million in funding back in 2006 and 2007.

Industrifonden made its initial investment in Movimento in 2007, and has had a central role in the company’s global growth, alongside management and other owners.

“We are pleased to have found an excellent new owner in an ideal position to take Movimento to the next stage of developing the new era of the software-defined car. We’re also very delighted about the outcome this acquisition brings us,” said Per Anell, Investment Manager at Industrifonden.

The early investor was delighted, but financial details of the deal were not disclosed. Morgan Stanley acted exclusive financial advisor to the seller.

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Tarmo Virki
Tarmo Virki
Hi its Tarmo here!

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