SiriusXM Pays $115 Million Cash to Buy Supplier of Connected Car Adapter
SiriusXM CEO Jim Meyer used his company’s quarterly earnings call Thursday to announce the acquisition of Automatic Labs, a supplier of connected vehicle products and services for consumers and businesses. SiriusXM’s 10-Q report filed Thursday at the SEC said Automatic…
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was acquired April 18 for about $115 million cash. Automatic’s connected car adapter will enable SiriusXM “to target the vast majority of cars on the road today that have no connectivity,” Meyers said. “We think Automatic is a great fit with SiriusXM and furthers our capabilities in connected vehicles, as we open up new business opportunities in this space.”