Sirius XM Radio has entered into an agreement to acquire the connected vehicle services business of Agero, Inc. for $530 million in cash. Agero is a provider of innovative telematics services, offering safety, security, and convenience services for drivers and end-to-end, turnkey solutions for automakers.
Once the acquisition is complete, SiriusXM will provide connected vehicle services to automotive manufacturers such as Acura, BMW, Honda, Hyundai, Infiniti, Lexus, Nissan and Toyota.
Matt Josefowicz, managing partner for Novarica, n insurance technology research and consulting firm believes the deal gives SiriusXM relationships with a broad range of car manufacturers.
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