Stuttgart, 12 September 2014. Porsche Automobil Holding SE, Stuttgart ("Porsche SE"), has acquired a stake of around ten percent in the US technology company INRIX Inc., Kirkland, Washington ("INRIX"). INRIX is one of the world's leading providers of real-time traffic information. The investment volume is around 55 million US-dollar. For Porsche SE, the acquisition is the first step towards creating a portfolio of investments complementing the existing shareholding in Volkswagen AG.
Philipp von Hagen, member of Porsche SE's executive board responsible for investment management, comments: "Connectivity between cars and infrastructure is one of the important mega trends in the automotive industry. The need for traffic-related information and data-based solutions is therefore growing fast. We see a tremendous potential in this segment of the automotive value chain." In the course of the strategic investment, von Hagen joins the board of directors at INRIX. Von Hagen adds that Porsche SE is examining additional investments related to the topics of connectivity and mobility.
Bryan Mistele, President and CEO of INRIX, is pleased about the investment of Porsche SE: "With Porsche SE, we have found an investor who shares our vision for transforming INRIX from a traffic data company to a connected car and smart cities leader worldwide." INRIX is owned by several venture capital companies and its employees.
INRIX holds a leading position worldwide in the area of real-time traffic information, where continued double-digit growth is expected in the coming years. The company is a pioneer in the development of technologies for the collection and interpretation of traffic data. The INRIX Traffic Intelligence platform continuously analyzes real-time data from various sources including a crowd-sourced network of more than 175 million data sources such as vehicles and mobile devices. Today, the company provides real-time traffic information for around 6.4 million kilometers (around 4 million miles) of roads across 40 countries and is continuously adding more roads and countries to its coverage.
Apart from comprehensive information on road traffic conditions, INRIX has smart analysis tools for a range of applications such as traffic forecasting. The company currently offers services for the six market segments automotive, public sector, mobile enterprise, fleet, media and real estate. The range of services includes inter alia real-time traffic information and navigation data, visualization of traffic data for media-enabled presentation as well as traffic data analytics and accurate traffic-related forecasts for traffic management, such as for cities and municipalities or transport and logistics.
Porsche Automobil Holding SE is a listed holding company. It holds the majority of the ordinary shares in the Volkswagen Group, one of the world's leading automobile manufacturers. The Group comprises twelve brands from seven European countries: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. In addition to this anchor shareholding, Porsche SE intends to make further strategic investments along the automotive value chain. This comprises the entire spectrum of basic technologies geared to supporting the development and production process through to vehicle- and mobility-related services.
For further information, please visit Porsche SE's website at www.porsche-se.com.
Porsche Automobil Holding SE
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