Agero to sell connected vehicle services division

Agero has entered into a definitive agreement under which SiriusXM Radio will acquire Agero's connected vehicle services division in a deal worth US$530 million. Agero’s connected vehicle unit provides telematics services such as roadside assistance, consumer affairs and claims management services, for driver and automobile makers. The deal is slated to close in the fourth quarter 2013 and will enable the company to continue to accelerate the development and delivery of new services to enhance its leadershi
August 19, 2013 Read time: 2 mins
7291 Agero has entered into a definitive agreement under which SiriusXM Radio will acquire Agero's connected vehicle services division in a deal worth US$530 million.

Agero’s connected vehicle unit provides telematics services such as roadside assistance, consumer affairs and claims management services, for driver and automobile makers. The deal is slated to close in the fourth quarter 2013 and will enable the company to continue to accelerate the development and delivery of new services to enhance its leadership position in roadside assistance, consumer affairs, claims management and related new services.

The acquisition comes just a month after Agero signed a deal with M-Way Solutions of Germany, a provider of mobile enterprise software and services. The goal, officials said at that time, is to expand Agero’s cloud-based mobile applications to enhance driver safety, access to information and enhance the overall driving experience on all mobile devices including iOS, 1812 Android, 4275 Blackberry smart phones and tablets.

"As the automotive telematics industry has evolved, connected vehicle services have become increasingly focused on integration and infotainment, and we believe that SiriusXM is perfectly positioned to take these capabilities forward in this changing market," said Dave Ferrick, CEO of Agero.

Post the acquisition, SiriusXM said it will provide its connected vehicle services to a slew of additional auto manufacturers including Acura, 1731 BMW, 1683 Honda, 1684 Hyundai, 4777 Infiniti, 4349 Lexus, 838 Nissan and 1686 Toyota.

“The acquisition of Agero’s connected vehicle business is a natural fit for Sirius XM. As the world’s leading provider of in-vehicle subscription services, SiriusXM is uniquely positioned to offer world-class end-to-end telematics services,” said Jim Meyer, CEO, SiriusXM.
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