Luxoft, a business unit of IT consulting giant DXC Technology, has acquired CMORE Automotive. Financial terms were not disclosed.
This is M&A deal number 177 that ChannelE2E has covered so far in 2020. The pace of deals has slowed a bit since the coronavirus pandemic emerged, but overall M&A activity remains reasonable steady. See the complete M&A deal list here.
CMORE specializes in artificial intelligence (AI) and autonomous driving technology. The company worked with German automakers and their key suppliers. The deal bolsters Luxoft’s capabilities in data-driven development, testing, and validation for autonomous driving systems, the buyer said.
Luxoft Acquires CMORE: Executive Perspectives
Dmitry Loschinin, executive vice president, DXC Technology, and president and CEO, Luxoft, commented:
“With CMORE Automotive, Luxoft will extend its spectrum of AD/ADAS initiatives, from enabling customers to amplify their fusion, perception and driving function development, testing and validation capacities to delivering transformative AD/ADAS solutions at scale. I want to welcome the CMORE Automotive team to the DXC family.”
Richard Woller, CEO, CMORE Automotive, added:
“We are excited to be a part of the DXC family and it’s Autonomous Drive team and looking forward to accelerate customers’ in-car series projects with end-to-end AI-driven development, testing and validation of AD/ADAS solutions at scale.”
CMORE's New Parent: More Luxoft Details
Parent DXC acquired Luxoft for roughly $2 billion in January 2020.
Based in Zug, Switzerland, Luxoft has around 13,000 employees. The firm provides digital strategy consulting and engineering services for customers in North America, Europe, and the Asia-Pacific region.
Luxoft achieved $911 million in revenue over the last four quarters, and a double-digit compound annual growth rate (CAGR) over the last three years, according to DXC.
Luxoft’s expertise spans analytics, user experience, IoT, Blockchain, cloud, and DevOps services. The company's clientele represents the financial services, healthcare, communications, and automotive verticals.
