HARMAN Acquires Award-Winning Vehicle Safety Company iOnRoad
Development team in Israel to accelerate growth opportunities in infotainment market
STAMFORD, Conn.--(BUSINESS WIRE)-- HARMAN International Industries, Incorporated, (NYS: HAR) , the premium global audio and infotainment group, announced today it has acquired iOnRoad Technologies, Ltd. Based in Tel Aviv, Israel, iOnRoad is a recognized leader in the development of vehicle safety systems also known as Advanced Driver Assistance Systems (ADAS), including the iOnRoad augmented reality driving app. iOnRoad technology does not require dedicated hardware and runs on a variety of software platforms including Android, iOS, Windows, and Linux. iOnRoad will strengthen HARMAN's leadership in global infotainment systems and services for leading automakers and accelerate the rollout of new ADAS functionalities.
iOnRoad is the recent winner of the 2013 Qualcomm QPrize competition and its innovation and market leadership have been validated by other industry awards. Nearly a million users have already downloaded the iOnRoad app that offers a suite of driving assistance functions including augmented driving, collision warning and lane departure warning. HARMAN successfully demonstrated the integration of iOnRoad into its infotainment platforms at CES 2013 and plans to embed the features of its algorithms in the heads-up display on both scalable and premium platforms. iOnRoad's app will continue to be sold as an Android app on Google Play and as an iOS app through Apple iTunes.
"As our cars become more connected to the world around us, advanced safety solutions are critical to drivers," says Dinesh C. Paliwal, HARMAN Chairman, President and CEO. "HARMAN's next generation in-vehicle infotainment technology platforms are designed to be smarter and have more responsive control systems, particularly in an advanced head-up display. iOnRoad provides an exceedingly exciting opportunity for us to leverage our installed base of more than 15 million vehicles and provide technology systems and services to more customers. We welcome the talented employees of iOnRoad, and are excited about the opportunities that lie ahead."
iOnRoad™ improves driving in real-time using the power of modern computer vision algorithms and smart-phone cameras. The iOnRoad Android and iOS apps provide a range of personal driving assistance functions including augmented driving, collision warning and "black-box" like video recording and have generated close to a million downloads. iOnRoad's innovation and market leadership has been validated by other industry awards including the 2012 CTIA E-Tech Award, CES 2012 showcase award, and one of Gartner's cool vendors in automotive for 2012. Widebridge Group served as iOnRoad's exclusive financial advisor in the transaction.
HARMAN (www.harman.com) designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets - supported by 15 leading brands, including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon® and Mark Levinson®. The Company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 25 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 13,900 people across the Americas, Europe and Asia, and reported sales of $4.4 billion for the fiscal year ended June 30, 2012. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.
© 2013 HARMAN International Industries, Incorporated. All rights reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson are trademarks of HARMAN International Industries, Incorporated, registered in the United States and/or other countries. AKG is a trademark of AKG Acoustics GmbH, registered in the United States and/or other countries. Features, specifications and appearance are subject to change without notice.
KEYWORDS: United States North America Connecticut Middle East Israel
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