Industrifonden sells Movimento to Delphi Automotive
Industrifonden and other shareholders sells Movimento, the global automotive leader for scalable software management, big data analytics and cybersecurity to Delphi Automotive, one of the world’s leading automotive technology companies.
Founded in 2004 in Gothenburg, Sweden, Movimento is an industry leader for vehicle life-cycle management, software management, data and security. Annually it updates tens of millions of electronic control units in millions of vehicles for Original Equipment Manufacturers (OEMs) and Tier-1 suppliers. Movimento has expanded internationally, with offices in North America, South America, Asia and Europe.
Movimento’s advanced technology platform enables OEMs and suppliers to quickly and efficiently upgrade or fix software during all stages of a vehicle’s lifecycle. The over-the-air (OTA) capability provides consumers the ease and convenience of software updates and adding new features to their vehicle instantly, while also reducing warranty or service costs for the manufacturer.
Industrifonden made its initial investment in Movimento in 2007, and has had a central role in the company’s global growth, alongside management and other owners.
– We are pleased to have found an excellent new owner in an ideal position to take Movimento to the next stage of developing the new era of the software-defined car. We’re also very delighted about the outcome this acquisition brings us, said Per Anell, Investment Manager at Industrifonden.
Movimento, based in Michigan, supports customer operations globally and has its OTA and cloud technology development in Silicon Valley. The company offers scalable vehicle software, engine control unit (ECU) programming, and OTA firmware and feature updates, all with advanced automotive cyber security validation functions to ensure a safe and secure software environment at all times.
– Movimento’s over-the-air capability aligns perfectly with our Control-Tec acquisition last year, allowing Delphi to offer comprehensive product enhancements and service cost savings to our customers, said Kevin Clark, president and CEO, Delphi Automotive.
The acquisition of Movimento strengthens Delphi’s position as a leading end-to-end systems and software provider to the industry as vehicle connectivity becomes increasingly ubiquitous.
Movimento will remain an independent entity within Delphi, and will maintain its existing customer service model.
Terms of the transaction were not disclosed. Morgan Stanley (NYSE: MS) acted exclusive financial advisor to the seller.