Amsterdam, Jan 7 (Reuters) - Dutch Computer Chip Maker Nxp Said on Tuesday It Has Agreed to Buy Austria's Tttech Auto for $625 Million, to Strengthen Its Automotive Operations.
Nxp Is the Biggest Maker of Chips for Cars, While Tttech Auto Makes Safety-Focused 'middleware' - Software That Helps a Car's Operating System Integrate With Applications, and Roll Out Updates, While Ensuring That Critical Functions Are Not Affected.
This Acquisition Combines Nxp’s Automotive Portfolio With a Leading Global Player in Safety Software Solutions,” Said Nxp Executive Jens Hinrichsen in a Statement.
The Company Said the Move Was Aimed at Strengthening Nxp's Offerings as Its Carmaker Customers Increasingly View Software, Rather Than Hardware, as Determining a Vehicle's Design.
Hinrichsen, the General Manager of Automotive Embedded Systems at Nxp, Said the Buy Would Help the Company Become the "Leading Provider of Intelligent Edge Systems" in Cars.
If the All-Cash Deal Is Approved, Vienna-Based Tttech, Its Management and 1,100 Employees Will Join Nxp's Automotive Arm.
(Reporting by Toby Sterling, Editing by Louise Heavens)
((Toby.sterling@Thomsonreuters.com;))