13 Years Too Late for Ford Motor Company (NYSE:F)?

Posted by Lacee Page September 30, 2013 0 Comment 2515 views

Ford Motor Company (NYSE:F) announced that it has acquired Livio, a startup, in an effort to boost its efforts to help drivers access smartphone content safely while they are driving. The Detroit-based Livio is a software developer. Its product allows drivers to connect to their smartphones via the dashboard infotainment systems or car radios. Jake Sigal founded the company 5 years ago. He used to work with Delphi, the parts supplier.

Paul Mascarenas, Ford Motor Company (NYSE:F)’s Chief Technical Officer said that they paid below $10M for the startup that has 11 employees. The carmaker now officially owns the startup but Livio will continue doing business with its existing customers such as GM Motors.

First technology acquisition

This is the first technology startup that Ford Motor Company (NYSE:F) has acquired in the last 13 years. Mascarenas said that this company is perfectly compatible with the carmakers efforts to allow drivers to access their smartphones in a safe manner. With the Livio software, drivers will be able to access phone applications like Spotify, Pandora and Major League Baseball via their smartphones, in a safe manner.

Well-planned acquisition

Ford Motor Company (NYSE:F) will outfit 7M vehicles with its Applink system. This system offers drivers the functionality to access apps via voice recognition and the plan is to cover this number of vehicles by 2015.  Ford began acquisition talks with Sigal a year ago and the latter said that this deal will help his company accelerate the standard of the industry, which is the need of the hour.

Friday’s trading

In Friday’s trading session, Ford Motor Company (NYSE:F) stock dipped 1.27%. The shares opened at a price of $17.17 which climbed to an intraday high of $17.20 and dropped to a close of $17.05. Approximately 34.02 million shares were traded on Friday and the average volume of shares traded over 30 days was 36.77 million. The company has a market capitalization of $68.38 billion.

About Lacee Page

Lacee Page is our White House and political campaign reporter. Lacee also covers justice and national law enforcement issues and congressional reporter focusing on the outputs of the legislative process: government spending, agency regulation and congressional oversight. Lacee received a national Edward R. Murrow for spot news award and the regional Associated Press award for best newscast. Lacee attended Riverview High School near Coshocton, and graduated from Ashland College in Ashland, Ohio with a Bachelor of Arts degree in Communications.

View all post by Lacee Page Visit author's website

Write Your Comment