Autonomous vehicle development tooling and software provider, Applied Intuition, is set to acquire Embark Technology, an autonomous trucking software company, for an equity value of approximately $71m in an all-cash transaction. Embark has built an autonomous software stack using machine learning methodologies for perception, and developed a custom-built hardware platform optimised for autonomy. The company has performed extensive real-world testing and system deployment, with over 1.5 million miles of autonomous operations conducted on highways. Applied plans to integrate Embark’s internal tools, data and software assets into its offerings for customers in the trucking and automotive industries. The transaction is expected to close in Q3 2023, subject to approval by Embark shareholders and other customary closing conditions.
As seen in the coverage by a recent press release from PRNewswire, Applied Intuition, Inc., a tooling and software provider for autonomous vehicle development, has announced that it will acquire Embark Technology, Inc., an autonomous trucking software company, in an all-cash transaction with an equity value of approximately $71 million. The acquisition is expected to close in Q3 2023 and is subject to approval by Embark shareholders and other customary closing conditions.
Embark, founded in 2016, has built a robust autonomous software stack that uses machine learning methodologies for perception while relying on a safety-redundant compute system. The company also developed a custom-built hardware platform optimized for autonomy and has performed extensive real-world testing and system deployment, with over 1.5 million miles of autonomous operations conducted on highways. As part of the transaction, Embark plans to retire its fleet of test vehicles.
Applied Intuition aims to integrate Embark’s internal tools, data, and software assets to further improve its offerings for customers in the trucking and automotive industries. Key Embark employees are expected to remain to support Applied and expand the company’s suite of product offerings.
“We are excited to acquire Embark,” said Qasar Younis, Co-Founder and CEO of Applied Intuition. “This acquisition should enable us to advance our products and solve more specific, complex challenges for our customers. We respect the work Embark has accomplished in the autonomous vehicle industry and look forward to leveraging their expertise to better serve our global customer base.”
Embark’s Co-Founder and CEO, Alex Rodrigues, also expressed excitement about the acquisition. “Today marks an exciting, new chapter for Embark,” he said. “I would like to thank all past and present employees for their contributions over the past seven years. I appreciate everything they have done for the company, and I cannot wait to see where Applied takes the technology we have built.”
Under the terms of the agreement, which has been approved unanimously by the boards of directors of both companies, Embark shareholders will receive $2.88 per share in cash. The agreement comes after Embark’s March 3, 2023 announcement that it was engaging in a process to explore, review, and evaluate a range of potential strategic alternatives.
The acquisition of Embark is a significant move for Applied Intuition as the company continues to expand its offerings for autonomous vehicle development. With Embark’s expertise in autonomous trucking software and extensive real-world testing experience, the acquisition is expected to enhance Applied’s products and better serve its global customer base. The transaction is expected to close in Q3 2023, pending approval by Embark shareholders and other customary closing conditions.
Photo Credit: autonomousvehicleinternational.com
