Siemens has agreed to acquire autonomous driving software business TASS International. The deal will strengthen Siemens' product lifecycle management portfolio, boosting its position as a supplier of safety and technology services to the self-driving vehicle industry. With annual turnover of €27 million, TASS employs around 200 people.
At the beginning of August, Intel completed its $15.3 billion acquisition of autonomous driving tech company Mobileye. While the Siemens deal is smaller in scale, it does underscore the heightened interest in the sector, with car makers and tech giants competing for the best investments in the autonomous driving space.
This appears to be affecting valuations, too. While the number of completed M&A deals in the automotive sector looks set to be lower than the 2016 record high, deal value has already outstripped last year's total.