Market Overview

Honda Subsidiary Acquires Startup Drivemode For Undisclosed Amount

Honda Subsidiary Acquires Startup Drivemode For Undisclosed Amount

Honda R&D Co., Ltd., a research and development subsidiary of Honda Motor Co Ltd (NYSE: HMC), has acquired all of the outstanding shares of California-based Drivemode, Inc.

The acquisition was completed Sept. 26 when Drivemode became a wholly owned subsidiary of Honda R&D, the Japanese automaker said in a Monday press release.

Drivemode is a startup that develops and operates smartphone-based connected services.

Honda R&D and Drivemode have been collaborating and conducting joint development activities since 2015. The companies are aiming to strengthen value creation in the areas of digital and connected mobility products, according to Honda.  

"We are confident that new value creation will become possible when Drivemode's outstanding human resources, innovative software technologies and extensive experience as a venture company are combined with Honda's product development technology and capability,” Toshihiro Mibe, president and representative director of Honda R&D, said in a statement. 

“We will strive to offer connected services which will please our customers while leveraging our respective strengths.”  

Honda shares were trading down 1.19% at $25.28 at the time of publication. The stock has a 52-week high of $30.12 and a 52-week low of $22.87.

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Posted-In: DrivemodeM&A News Startups Best of Benzinga


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