NXP Agrees to Buy Automotive Software Maker for $625 Million

Bloomberg

01-07

(Bloomberg) -- Chipmaker NXP Semiconductors NV agreed to buy Austrian automotive software developer TTTech Auto for $625 million in cash to build out its products for software-defined vehicle makers.

NXP will add TTTech’s management team and approximately 1,100 engineering employees to its automotive team after the deal closes, the Dutch company said in a statement on Tuesday. The deal is subject to regulatory approvals.

Carmakers been shifting from hardware-based system designs to platform-based software-defined vehicles, where chips play an increasingly important role with the rise of artificial intelligence and autonomous driving. NXP, which gets more than half of its sales from the automotive industry, is among chipmakers seeking to turn the page on a challenging year after an inventory glut and low demand for the electric vehicles clouded outlooks.

NXP shares closed at $213.41 in New York on Monday. The stock had gained about 3.7% in the last 12 months.

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