Seeing Machines Limited (SEE.L) announced a strategic collaboration with the French Tier 1 automotive supplier Valeo to extend their machine learning and artificial intelligence capabilities. Additionally, Seeing Machines announced the acquisition of Asaphus Vision GmbH, a German software company owned by Valeo.
Valeo will transfer its driver monitoring perception system software activity to Seeing Machines. This will primarily be facilitated by Seeing Machines' acquisition of Asaphus.
The transaction to acquire Asaphus is comprised of a fixed amount of US$6 million, payable in two components. The first component relates to a cash payment of US$2 million, payable in two tranches, the first US$1 million on signing and the next US$1 million on the first anniversary of the Agreement.
The remaining component of US$4 million is payable on meeting certain business outcomes, the remaining unpaid portion of the US$4 million, if any, will be due on the fifth Anniversary.
The acquisition of Asaphus Vision GmbH's operating business, which is currently involved in two automotive programs in Europe and one in China, is anticipated to have a cash-neutral impact on Seeing Machines in the short term. However, it is expected to provide a positive contribution as revenues from services and other sources increase over time, Seeing Machines said.
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