Verdane sells Movimento to Delphi Automotive
Stockholm — Verdane ETF II (Verdane) and other shareholders have sold Movimento, a leading provider of Over-the-Air (OTA) software lifecycle and data management for the automotive sector, to Delphi Automotive PLC (NYSE: DLPH).
Software and services are playing an increasingly critical role in all areas of the automotive industry. Movimento’s advanced technology platform enables Original Equipment Manufacturers (OEMs) and Tier-1 suppliers to quickly and efficiently upgrade or fix software at all stages of a vehicle’s lifecycle. The OTA capability provides consumers the ease and convenience of software updates and adding new features to their vehicle instantaneously, while also reducing warranty or service costs for the manufacturer.
Verdane invested in Movimento in 2010 and Verdane Capital Advisors has played a key role alongside management in helping the company grow globally and in building the OTA offering.
“Movimento is fundamentally built on expertise from two sectors where Sweden has an edge; software and automotive. We are proud to have contributed on Movimento’s global journey and we believe that Delphi is an excellent owner for the next phase,” said Bjarne Lie, Managing partner at Verdane Capital Advisors.
Movimento, based in Michigan, supports customer operations globally and has its OTA and cloud technology development in Silicon Valley. The company offers scalable vehicle software, engine control unit (ECU) programming, and OTA firmware and feature updates, all with advanced automotive cyber security validation functions to ensure a safe and secure software environment at all times.
“The acquisition of Movimento strengthens Delphi’s position as a leading end-to-end systems and software provider to the industry as vehicle connectivity becomes increasingly ubiquitous,” said Kevin Clark, president and CEO, Delphi Automotive. “Movimento’s over-the-air capability aligns perfectly with our Control-Tec acquisition last year, allowing Delphi to offer comprehensive product enhancements and service cost savings to our customers.”
Movimento will remain an independent entity within Delphi, and will maintain its existing customer service model.
The transaction closed on January 3rd, 2017. Morgan Stanley (NYSE: MS) acted as exclusive financial advisor to the seller. Terms of the transaction were not disclosed.
Movimento is fundamentally built on expertise from two sectors where Sweden has an edge; software and automotive. We are proud to have contributed on Movimento’s global journey and we believe that Delphi is an excellent owner for the next phase.
Verdane funds support companies that have high ambitions in software, consumer internet, energy and high-tech industries with flexible growth capital. The funds are distinctive in that they can purchase either an entire portfolio, parts of a portfolio, or a single position, from a portfolio of unlisted assets. Verdane Capital Advisors has 24 employees working out of offices in Oslo, Stockholm, and Helsinki. More information can be found at: www.verdane.com
About Movimento Group
Devoted to developing advanced technologies that help realize The Software-Defined Car™, Movimento Group utilizes its decade-long history as a leader in automotive reflash services and its innovations in OTA software. The company’s car manufacturer customers include GM, FCA, and Volvo plus a wide range of Tier-1 suppliers including Bosch, Denso, Continental, Delphi, Magna, Visteon, ZF-TRW, and others. The company’s headquarters is in Plymouth, Michigan, with offices in Silicon Valley, Mexico, Sweden, Germany, and China. Visit www.movimentogroup.com
Delphi Automotive PLC (NYSE: DLPH) is a high-technology company that integrates safer, greener and more connected solutions for the automotive sector. Headquartered in Gillingham, U.K., Delphi operates technical centers, manufacturing sites and customer support services in 44 countries. Visit www.delphi.com
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