Porsche Automobil Holding SE, the investment company which owns a majority stake in Volkswagen, announced on Friday that it has acquired a 10% stake in Inrix, a Washington-based company that specializes in analyzing crowd-sourced traffic information.
The $55 million deal is the German company’s first investment after its plan to acquire Volkswagen backfired and resulted in the departure of its former management. This is the company’s first move to expand its assets beyond just a controlling stake in Volkswagen.
“Connectivity between cars and infrastructure is one of the important megatrends in the automotive industry,” Philipp von Hagen, the Porsche SE board member responsible for investment management, said in a statement. “We see a tremendous potential in this segment.”
The company announced earlier this year that it intends to spend the majority of the cash that it has stored up, which amounted to around $3.3 billion at the end of June, on acquisitions. The company has been looking specifically into the purchase of assets that are related to the automotive industry, such as drive train systems and material and safety technology.
Read more about the story at Automotive News.
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