- The Two Companies See Tremendous Growth Opportunity in Connected Car Services and Smart Cities
KIRKLAND, Washington, Sept. 12, 2014 /PRNewswire/ -- INRIX®, Inc., a leading global provider of transportation information, analytics and driver services for the connected car and smart cities, announced Porsche Automobil Holding SE (Porsche SE), the holding company with a controlling interest in the Volkswagen Group, has invested around $55 million for approximately a 10 percent ownership stake in INRIX, Inc. through purchasing both primary and secondary shares.
"We're pleased to have an investor like Porsche SE who shares our vision for transforming INRIX from a traffic data company to a connected car and smart cities leader worldwide," said Bryan Mistele, president and chief executive officer, INRIX.
INRIX is a leading provider of real-time traffic information worldwide, 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 a variety of sources including a crowd-sourced network of more than 175 million real-time vehicles and devices. Today, the company provides real-time traffic information for 6.4 million kilometers (4 million miles) of roads across 40 countries continuously adding more roads and countries to its coverage.
As Philipp von Hagen, member of Porsche SE's executive board responsible for investment management, explains, "Connectivity between cars and infrastructure is one of the mega trends in the automotive industry. The need for traffic-related information and data-driven solutions is therefore growing fast. We see tremendous potential in this segment of the automotive value chain." Mr. von Hagen adds that Porsche SE is examining additional investments related to the areas of connectivity and mobility.
INRIX is at the forefront of connecting cars to smarter cities. INRIX real-time traffic and driver services are on the road today from automakers like Audi, BMW, Ford, Mercedes, Volkswagen and Toyota. These services help drivers do everything from navigating through the day's traffic to finding the closest, least expensive fuel or available parking and EV charging locations. In the public sector, more than 60 transportation agencies worldwide use INRIX traffic information and analytics tools to help streamline daily operations, pinpoint investments in roads and transit as well as deliver better traveler information services.
In connection with the investment, Mr. von Hagen also will join the INRIX board of directors. Mr. von Hagen has been a member of the Executive Board at Porsche Automobil Holding SE since March 1, 2012.
About Porsche SE
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 and the largest carmaker in Europe. 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.
INRIX is one of the fastest growing big data technology companies in the world. The company leverages big data analytics to reduce the individual, economic and environmental toll of traffic congestion. Through cutting-edge data intelligence and predictive traffic technologies, INRIX helps leading automakers, fleets, governments and news organizations make it easier for drivers to navigate their world. Our vision is simple – to solve traffic, empower drivers, inform planning and enhance commerce.
Whether through an in-car or smartphone navigation application, a local newscast or our INRIX Traffic app, our up-to-the-minute traffic information and other driver services help millions of drivers save time, fuel and frustration. INRIX delivers traffic and driving-related insight, as well as sophisticated analytical tools and services across six industries covering more than four million miles (6.4 million km) of road in 40 countries. For more information visit us at www.INRIX.com.
SOURCE INRIX, Inc.