Mobileye, N.V. Announces Agreements to Sell Equity to Leading Institutional Investors
AMSTERDAM, July 7, 2013 /PRNewswire/ -- Mobileye, N.V., a Dutch private company and a leader in camera-based advanced driver assistance systems (ADAS) technologies for the automotive industry, has announced the execution of agreements providing for the sale of approximately $400 million of equity at a company equity valuation of $1.5 billion (on a pre-money basis) to five unaffiliated and highly regarded financial investors, including some of the largest US based global institutional asset managers and a leading Chinese government-affiliated financial investor. Goldman, Sachs & Co. and Morgan Stanley served as the placement agents for the financing. The transaction is expected to close in August.
The investment by these market-leading, blue-chip investors illustrates the strength of Mobileye's industry-leading position and technological superiority. As regulatory support and evolution of global safety standards drive acceleration of the ADAS features into automakers' offerings and aftermarket acceptance, Mobileye is well positioned to capitalize on market opportunity and realize strong growth while furthering its mission of reducing automotive accidents and saving lives.
Mr. Ziv Aviram, chief executive officer and a co-founder of Mobileye, said, "This successful transaction is a testament to the strength of our business and the company's future prospects. We are excited to have such world-class investors joining forces with us as we move into the next growth phase of our company."
Mobileye is a world leader in the development of Advanced Driver Assistance Systems. The company's unique vision-based platform, driven by its proprietary chipset and algorithms, works as a third eye to mitigate and avoid the risk of collision. Mobileye's solutions range from timely alert against imminent collisions and road departure through active braking for accident prevention and mitigation and to an autonomous vehicle. Mobileye's technology is or will be available through 19 automakers worldwide and is also offered as an aftermarket product. Its products are already installed by large fleet companies around the world and are accepted by many insurance companies. Headquartered in The Netherlands, Mobileye has the world's largest machine vision development center in Jerusalem, Israel, and offices in the United States, Cyprus, China, Germany and Japan. For more information, please visit www.mobileye.com.
SOURCE Mobileye, N.V.