NXP earlier announced that it had reached an agreement with TTTech Auto, a Vienna, Austria-based provider of software-defined automotive solutions, to acquire the latter in an all-cash transaction worth US$6.25 million.
Prior to this, TTTech Auto had established business partnerships with automakers to provide solutions that optimize performance, safety, integration and software updates.
Once the acquisition is approved by regulators, TTTech Auto's management team, intellectual property, assets, and approximately 1100 engineers will join NXP's automotive team. The team will continue to serve existing partners and expand its global business under the NXP brand.
Prior to acquiring TTTech Auto, NXP launched the CoreRide platform in March of last year. Equipped with NXP's S3 vehicle computing components, networking, and system power management technologies, it provides the first open SDV platform designed specifically to address hardware and software integration barriers, while simplifying design complexity, improving scalability, and reducing production costs.
The acquisition of TTTech Auto is expected to combine its software expertise with NXP's hardware capabilities to provide automakers with a unique SDV development platform.
