KIRKLAND, Wash., Dec. 15, 2016 /PRNewswire/ -- UIEvolution, Inc. today announced it has entered into a definitive agreement with Seattle-based machine learning startup Surround.io Corporation under which UIEvolution will acquire Surround.io. The transaction is expected to close before the end of the year, subject to certain customary closing conditions.
In connection with the transaction, UIEvolution will be changing its name to Xevo Inc. The name Xevo™ (pronounced zee-vo), along with the acquisition of Surround, marks the company's expanded focus beyond user interface evolution to encompass a broader user experience, applying a wide range of technologies that include deep learning, computer vision, machine learning, big data analytics, and cloud services for the automotive industry.
Xevo is a global leader in connected-car software with nearly 10 million vehicles on the road today using its proprietary technology. Utilizing multiple sources of in-car data, Xevo's end-to-end suite of automotive products seamlessly connects drivers and their vehicles to mobile applications, content and services, allowing drivers to integrate their digital lifestyles with their in-car experience
Using in-car data, cloud-based analytics and machine learning, Xevo creates, tests, and deploys new AI-driven machine learning solutions to cars to improve performance and safety and enhance the driving experience. Benefits for drivers include the ability to detect distracted or impaired drivers, identify and show road obstacles, receive real-time weather notifications, and get a driver scorecard for insurance discounts.
This same process allows the company to convert big data obtained from millions of cars on the road into powerful analytics tools that can help manufacturers predict problems and enhance the services they offer to their customers. Benefits include sales and service notifications, driving and car statistics, the ability to identify endemic problems, predict component wear, and deliver hyper-targeted marketing.
"We are excited about the opportunity to join forces with Surround and announce our company name change to Xevo. This acquisition reflects the natural evolution of the company to fully embrace the impact of AI and computer vision on the automotive industry," said Dan Gittleman, CEO of Xevo. "The Surround team will be integrated into our company, and together, with their brilliant data science capacities, we will transform the connected car experience."
Surround.io was built by an impressive team of technology and data science veterans, with decades of experience as key architects of AWS, Windows, Internet Explorer, Hotmail, MSN Messenger, and developers of big data frameworks that power Bing and Azure. Surround.io has been developing an industrial-scale machine learning infrastructure with a specific focus on applying computer vision to automotive scenarios and enabling vast numbers of cars to share information and act cooperatively. Joining Xevo enables the teams to combine their background, knowledge and resources to usher in the future of Artificial Intelligence for connected cars.
"We are thrilled to join Xevo to bring our technology to the connected car market," said John Ludwig, CEO of Surround.io. "We have an unmatchable opportunity to deploy our technology to help millions of drivers, and are hard at work integrating our work into the Xevo offerings. Adding machine learning to the car experience is a sea change, and is exactly the kind of challenge we have enjoyed and delivered on throughout our careers."
Xevo is a global leader in data-driven user experiences with the world's largest IoT deployment in the automotive and cruise industries. Xevo's powerful connected car solutions leverage big data, machine learning, and artificial intelligence to deliver continuous business analytics and dramatically improved driver experiences. Our complete suite of automotive products seamlessly connects drivers and their vehicles to mobile applications, content and services. Xevo technology is licensed in vehicle systems worldwide and supplies the some of the world's largest automotive manufacturers. For more information, visit www.xevo.com
Under no circumstance is this communication to be used or considered as an offer to sell or an offer to buy any security in any state in which such offer to sell or buy would be unlawful prior to registration or qualification under the securities laws of any such state. This communication may contain certain "forward-looking statements" about Xevo Inc.'s future expectations or other statements concerning other than historical facts. Xevo Inc. intends that such forward-looking statements be subject to the safe harbors created under applicable security laws. Since these statements involve risks and uncertainties and are subject to change at any time, actual results could differ materially from expected results.
UIEVOLUTION and XEVO are registered and unregistered trademarks of UIEvolution, Inc. Other trade brands, names, and marks used in this document are the property of their respective owners.