Dynamic Map Platform Agrees to Acquire Ushr
TOKYO & DETROIT--(BUSINESS WIRE)--Feb 12, 2019--Dynamic Map Platform Co., Ltd. (“DMP”) and Ushr Inc. (“Ushr”) today announced the signing of a definitive agreement under which DMP has agreed to acquire Ushr, which upon closing, will establish a single, enhanced platform for accelerated development and delivery of high-definition mapping solutions. DMP and Ushr are providers of accurate, high quality, high-definition (“HD”) road maps in Japan and North America, respectively.
“DMP and Ushr share common values of progressing autonomous driving and advanced driver assistance systems (ADAS) as well as enhancing occupant safety and comfort through HD map technology,” said Tsutomu Nakajima, President of DMP. “Through the combination, we will be able to offer automotive OEMs a comprehensive HD mapping solution for the North American and Japanese markets, with the ability to expand globally in the future. Further, we will jointly improve the technologies and expand the area of services, accelerating our customers’ ability to deploy autonomous driving and ADAS going forward.”
Using survey-grade LiDAR and camera technology, Ushr has mapped all controlled access highways in the United States and Canada; road features are represented in the map to within approximately four inches of geospatial accuracy. When combined with vehicles equipped with sensors and software enabling autonomous driving, Ushr’s HD maps allow self-driving cars to safely operate on mapped roadways, providing precise lane centering, smooth control through curves and the ability to anticipate roadway changes. Ushr’s market leading HD map technology was integrated into General Motors’ Super Cruise, the industry’s first true hands-free advanced driver assistance system for the highway, and first-to-market in the 2018 Cadillac CT6.
“DMP represents a tremendous partner for Ushr and shares our passion for realizing the potential of autonomous vehicle control technology,” said Bruce Gordon, CEO of Ushr. “Joining forces with DMP will help us to further access the market for self-driving cars and ADAS, particularly as consumer adoption is expected to grow rapidly in the coming years. On behalf of the Ushr team, I look forward to partnering with DMP to build on our success moving forward.”
“From a board perspective, we believe this agreement represents an excellent outcome for Ushr’s customers, employees, partners, and shareholders,” said Scott Ungerer, Founder and Managing Director of EnerTech Capital and Chairman of the Board of Ushr. “Once closed, this unique combination will signify a remarkable step forward for advanced mobility solutions becoming broadly available to consumers.”
Ushr’s investors include: GM Ventures, EnerTech Capital, Emerald Technology Ventures and Forte Ventures. The transaction is subject to customary closing conditions, including receipt of regulatory approval. Terms of the agreement are not being disclosed.
Evercore is serving as financial advisor to Ushr and Wilson Sonsini Goodrich & Rosati is acting as legal counsel. Squire Patton Boggs is acting as legal counsel to DMP.
About Ushr Inc.
Ushr Inc. offers automotive manufacturers accurate and comprehensive high-definition map technology. Located at the epicenter of automotive development in Detroit, Ushr’s technology and software are shaping the evolution of self-driving technology by providing customers with the reassurance that the paths their vehicles travel are safe, smart and predictable. For more information, please visit www.ushrauto.com.
Dynamic Map Platform Co., Ltd. is a company that provides research, development and commercialization of high precision 3 dimensional (3D) map data used in the realization of autonomous driving and safe-driving support systems, beginning with Japan’s motorways and expanding to overseas markets. For more information, please visit www.dynamic-maps.co.jp/en.
This release contains “forward-looking statements,” which include information concerning the completion of the transaction, the satisfaction of closing conditions to the transaction, the benefits of the combination to each company’s stakeholders, the ability of the companies to realize the anticipated technological and commercial benefits following completion of the transaction,and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
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SOURCE: Ushr Inc.
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PUB: 02/12/2019 11:00 PM/DISC: 02/12/2019 11:01 PM