Hexagon completes acquisition of AutonomouStuff

September 27, 2018  - By
Photo: Hexagon

Photo: Hexagon

Hexagon AB has completed the previously announced acquisition of AutonomouStuff, a supplier of integrated autonomous vehicle solutions.

Completion of the transaction was subject to regulatory approvals, including a filing to the Committee on Foreign Investment in the United States (CFIUS), which have now been obtained.

AutonomouStuff will be a fully owned subsidiary of Hexagon and operate within Hexagon’s Positioning Intelligence division.

“Combined with Hexagon PI’s leadership in high accuracy, functionally-safe and high-integrity positioning technology, the addition of AutonomouStuff and their offerings is helping our customers to accelerate the development of more comprehensive Autonomous X solutions,” said Michael Ritter, president and CEO of Hexagon PI. “Our expanded capabilities will allow Hexagon PI to meet the industry’s ever growing demand for more robust autonomy solutions.”

Hexagon PI has been an important technology provider to AutonomouStuff for several years, and the two organizations have worked closely together to serve common customers and collaborate on important industry events. As the division grows, AutonomouStuff will continue to function as an independent brand within Hexagon PI.

Founded in 2010, U.S.-based AutonomouStuff is pioneering solutions and platforms for autonomous vehicle development, robotics and data intelligence innovation. Its platforms, which use an expansive portfolio of technologies, are deployed in pilot programs worldwide — representing thousands of customers in the automotive and technology sectors across the globe, AutonomouStuff said.

“The combined entities now provide the fuel and support for exponential growth while affording us the ability to make continued advances in the mobility space,” said Bobby Hambrick, founder and CEO, AutonomouStuff. “I’m very excited for our shared future.”

In 2017, AutonomouStuff generated sales of 45 MUSD, with good profitability, Hexagon said. The AutonomouStuff transaction purchase price will not be publicly disclosed because it is considered insignificant relative to Hexagon’s market capitalization.

The income statement during the third quarter of 2018 will be impacted by -25 MEUR, related to impairment of overlapping technologies, transaction costs and a reduction in workforce. During the third quarter 2018 Hexagon also divested its shares in Bimobject which resulted in a capital gain of 22 MEUR.

Overall, the net impact of one-off items on the income statement in the third quarter 2018 will be approximately -3 MEUR, Hexagon said.

About the Author: Tracy Cozzens

Senior Editor Tracy Cozzens joined GPS World magazine in 2006. She also is editor of GPS World’s newsletters and the sister website Geospatial Solutions. She has worked in government, for non-profits, and in corporate communications, editing a variety of publications for audiences ranging from federal government contractors to teachers.