Luminar Acquired Exclusive Lidar Chip Partner OptoGration For Undisclosed Sum - Luminar Technologies (NASDAQ:LAZR)

Luminar Technologies, Inc LAZR acquired its exclusive InGaAs chip design partner and manufacturer, OptoGration Inc, bringing specialized core IP and securing supply chain as Luminar scales Iris into series production with its OEM customers.
The financial terms of the transaction remain undisclosed.
The acquisition secures a vital part of Luminar's supply chain and enables deeper integration with its existing chip design subsidiary Black Forest Engineering (BFE), which Luminar acquired in 2017.
Luminar combines the latest technology from OptoGration and BFE to power its new fifth-generation lidar chip in Iris as it prepares for the series production of its product and technology.
The transaction is estimated to close in Q3.
Luminar is an excellent fit for OptoGration because the companies share a vision for transforming automotive safety and autonomy with lidar, OptoGration President William Waters said.
Luminar held $610.3 million in cash and equivalents as of Mar. 31.
Price action: LAZR shares traded lower by 5.32% at $17.19 on the last check Monday.