ZUG, Switzerland--(BUSINESS WIRE)--Luxoft, a DXC Technology Company (NYSE: DXC), today announced an agreement to acquire CMORE Automotive, an independent services provider dedicated to the development and validation of AI-driven mobility systems.
Headquartered in Lindau, Germany, CMORE Automotive acts as a strategic autonomous drive development partner serving major German automakers and their key suppliers in the automotive industry.
Through its network of Advanced Driver Assistance Systems (ADAS) testing facilities in Lindau, Gutmadingen, Böblingen and Eschborn, CMORE Automotive also offers vehicle prototyping and system testing (NCAP, NHTSA) of vehicle active safety features, including those of self-driving cars.
“CMORE Automotive’s highly competitive capabilities and services portfolio, along with their development tool chain for autonomous drive, will strengthen Luxoft’s capabilities in data-driven development and validation of AD/ADAS for Level 3 to Level 5 autonomous functions,” said Dmitry Loschinin, executive vice president, DXC Technology, and president and chief executive officer, Luxoft.
“We are looking forward to becoming part of DXC and its Autonomous Drive team,” said Richard Woller, chief executive officer, CMORE Automotive. “Our combined client base, which is increasingly demanding shorter autonomous drive (AD) software engineering cycles, will benefit from end-to-end AI-driven development and validation of AD/ADAS at scale.”
Subject to regulatory approvals and other customary closing conditions, the transaction is expected to close during April 2020.
About Luxoft
Luxoft, a DXC Technology Company, (NYSE: DXC), is a digital strategy and software engineering firm providing bespoke technology solutions that drive business change for customers the world over. Luxoft uses technology to enable business transformation, enhance customer experiences, and boost operational efficiency through its strategy, consulting, and engineering services. Luxoft combines a unique blend of engineering excellence and deep industry expertise, specializing in automotive, financial services, travel and hospitality, healthcare, life sciences, media and telecommunications. For more information, please visit www.luxoft.com.
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. With decades of driving innovation, the world’s largest companies trust DXC to deploy our enterprise technology stack to deliver new levels of performance, competitiveness and customer experiences. Learn more about the DXC story and our focus on people, customers and operational execution at www.dxc.technology.
Cautionary Note Regarding Forward-looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent DXC’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside DXC’s control, and no assurance can be given that the results described in such statements will be achieved. Many factors could cause actual results to differ materially from such forward-looking statements with respect to the transaction announced above including risks relating to unforeseen liabilities, future capital expenditures, inability to achieve expected synergies, loss of revenues, delays or business disruptions. For a written description of risk factors that could cause actual results in DXC’s business to differ materially from forward-looking statements regarding those matters, see the section titled “Risk Factors” in DXC’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019, DXC’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2019 and September 30, 2019, and any updating information in subsequent SEC filings. DXC disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent event or otherwise, except as required by law.
