HARMAN to acquire embedded software co.s Symphony Teleca and Red Bend
Car audio and infotainment product expert HARMAN expands further in the automotive electronics and software domain by deciding to acquire Symphony Teleca, and embedded software and services company specialized in automotive electronics domain and also another Israeli-based Red Bend Software, which is into over-the-air (OTA) software and firmware upgrading services.
Symphony Teleca is more of a product design outsourcing company which is specialised in both embedded software and also complete product development. HARMAN is buying Symphony Teleca for a base purchase price of $780 million.
Highlighting the importance of IOT connected devices, where software is crucial, Dinesh C. Paliwal, HARMAN Chairman, President and Chief Executive Officer said "Software solutions and services will be key to HARMAN’s continued success”.
Symphony Teleca's customers include Google, Microsoft, Intel, Adobe, Jaguar Land Rover, Verizon, Comcast, Sirius XM and Tesco and has more than 8,000 employees, and a big size of that are located in Bengaluru (Bangalore), India. Symphony Teleca's CEO Sanjay Dhawan will be with HARMAN.
Symphony Teleca revenues in year 2014 is expected to be approximately $370 million. Symphony Teleca is also into other areas of embedded software such as telecom, automotive, healthcare, consumer electronics, retail and media.
A significant delivery expertise in android-based smartphone and tablet computer design, Symphony Teleca is also a member of Microsoft and Intel IoT platforms and Google Open Automotive Alliance.
HARMAN acquired Red Bend Software for $170 million. HARMAN said it will accelerate Red Bend’s growth in the automotive space and will position Red Bend software as the de facto standard for OTA software services for mobile devices and automotive applications.
With more than two billion Red Bend-enabled devices in the market globally can help OEM mobile device companies to manage software updates over the air.
The connected car and autonomous driving concept basically required highly sophisticated mobile integrated, cloud connected software management, in which HARMAN can become market leader by acquiring these two companies.