Bendix Commercial Vehicle Systems is buying certain assets, including SafetyDirect software and the Lane Departure Warning System, from Iteris.
Bendix and parent company Knorr-Bremse plan to incorporate the technologies and associated research, development, sales and service operations into their electronics business units, which also includes safety technologies such as the Bendix ESP Electronic Stability Program, Bendix Wingman Advanced and SmarTire tire pressure monitoring system by Bendix CVS.
The Iteris Vehicle Sensors business, which Bendix is buying, for $14 million, includes a portfolio of vehicle active safety systems including lane departure warning, forward collision warning, and blind spot warning, as well as SafetyDirect software that analyzes real-time driver performance.
Iteris is selling this part of its business so it can concentrate energy and resources in the growing Traffic Management Market, and provides additional funding to pursue new growth initiatives in that market.
The deal is for $14 million, plus potential performance and royalty-related earn-outs, subject to $2 million in holdbacks and adjustments based upon working capital at closing. The transaction is expected to close prior to Aug. 31.
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