NXP Acquires Austrian TTTech Auto to Strengthen Automotive Operations

Forex - Dutch semiconductor manufacturer NXP has announced that it has agreed to acquire Austrian company TTTech Auto for $625 million to strengthen its automotive operations. While NXP is the largest chip producer for automobiles, TTTech Auto specializes in safety-focused 'middleware' – software that helps integrate applications with a vehicle's operating system while delivering updates to ensure critical functions remain unaffected. NXP executive Jens Hinrichsen stated, "This acquisition combines NXP's automotive portfolio with a leading global player in safety software solutions." The company noted that this move aims to enhance NXP's offerings as automotive manufacturers increasingly consider software, rather than hardware, as the determining factor in vehicle design. Hinrichsen, who is the general manager of automotive embedded systems at NXP, mentioned that the acquisition would assist the company in becoming "the leading provider of smart endpoint systems in vehicles." If the all-cash deal is approved, Vienna-based TTTech, along with its management and 1,100 employees, will join NXP's automotive division.