Continental AG has purchased Elektrobit Corporation Automotive. The acquisition is expected to help Continental develop more advanced automotive electronics that are a major part of Continental’s plan to increase annual revenue by at least 45 percent by the end of the decade.
The rights to the name Elektrobit will transfer to Continental. The purchase price for the acquisition is EUR 600 million ($680 million) payable in cash and it shall be paid in full upon the closing of the Transaction.
Automaker references that appear on the Elektrobit Automotive website include Audi, BMW, Daimler, Delphi, Fiat, Ford, Harman and Volkswagen.
EB’s Automotive provides software products and R&D services for in-car embedded software, as well as professional tools that support the whole process of the in-car software development.
Its customers are automakers, car electronics suppliers and other suppliers to the automotive industry. EB’s Automotive business has been organized under Elektrobit Automotive GmbH and the segment employed 1,431 people worldwide, mainly in Germany, as of March 31, 2015.