SOUTHFIELD, Mich., April 17, 2019 -- Lear Corporation (NYSE: LEA), a global automotive technology leader in seating and electrical and electronic systems, today announced it has completed its previously announced acquisition of Seattle-based Xevo Inc., a leading automotive software supplier that develops solutions for cloud, car, and mobile devices. The acquisition of Xevo will enhance Lear's capabilities in software, services, and data analytics and strengthen its market position in connectivity.
Xevo's Journeyware suite of products combines a user-friendly interface with a cloud-based framework that allows drivers to seamlessly interact with in-car content and mobile applications utilizing real-time data. Xevo Market, an automotive commerce and services platform, connects consumers with popular food, fuel, parking, hotel, and retail brands through in-vehicle touchscreens and OEM-branded mobile applications.
In connection with the closing, Lear issued 16,231 shares of restricted stock and 130,285 restricted stock units to 46 Xevo employees who joined Lear upon the closing (the "Inducement Awards"). In general, the Inducement Awards will vest in two substantially equal installments on each of the 18-month and three-year anniversaries of the closing. The Inducement Awards have been granted pursuant to the 2019 Inducement Grant Plan adopted by Lear's Board of Directors and in reliance on the employment inducement exception to stockholder approval provided under New York Stock Exchange Rule 303A.08.