What happened
Next-generation assisted-driving tech company MicroVision (MVIS +4.90%) had a macro Wednesday as far as its stock performance was concerned. Shares of the low-priced company zoomed 17% higher to nearly $3 per share on news that it had closed a promising acquisition.
So what
That morning, MicroVision announced that it had completed its deal for certain assets of peer company Ibeo Automotive Systems. The former will pay up to 15 million euros ($16 million) for these assets, which cover both hardware and software, plus related intellectual property and team members.
The deal will allow MicroVision to integrate the privately held, Germany-based company's perception software features into its MicroVision ASIC assisted-driving system.
The closing of the deal comes exactly two months after it was first announced. At the time, the buyer wrote in a press release that "Together, MicroVision's MAVIN lidar hardware and Ibeo's mature software will position MicroVision as a leading hardware and perception software partner to [original equipment makers]."
The American company added that its purchase "also allows MicroVision to accelerate its multi-market strategy in industrial, smart infrastructure, robotics, and commercial vehicle segments with Ibeo's flash-based sensor and software."
NASDAQ: MVIS
Key Data Points
Now what
If MicroVision can truly realize that beautiful vision, the Ibeo deal will be considered quite a bargain at $16 million. Judging by their enthusiastic reaction, investors certainly believe MicroVision has that kind of potential. It's operating in a hot sector, at least, as the automobile industry is continually on the hunt for better assisted-driving solutions as it motors toward its goal of fully autonomous vehicle operation.
