MICROVISION, INC. (MVIS): M&A transaction — MicroVision completes acquisition of Ibeo's lidar assets; eyes $10-15M revenue in 2023

MICROVISION, INC.

MicroVision paid EUR 7M initial, EUR 3M escrow, EUR 5M holdback for Ibeo's lidar sensor assets.
Combined company expects 2023 revenue between $10M and $15M from hardware and software products.
Acquisition adds Ibeo's perception software to MicroVision's MAVIN hardware, targeting a "one box solution" for automotive OEMs.
Expands multi-market strategy to industrial, smart infrastructure, robotics, commercial vehicle segments with Ibeo's flash-based sensor.
MicroVision leadership remains under CEO Sumit Sharma; partnership with ZF Friedrichshafen expected to expand.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

MICROVISION, INC. completed an acquisition involving Ibeo Automotive Systems GmbH for EUR 7,000,000 (closed 2023-01-31).

Action: acquisition
Counterparty: Ibeo Automotive Systems GmbH
Consideration: EUR 7,000,000
Closing: 2023-01-31

Exact text from the filing

of a holdback in connection with the purchase price payment mechanics. Pursuant to the Amendment, at the closing of the Acquisition (the “Closing”), MicroVision paid to Ibeo EUR 7,000,000 (the “Initial Payment”) and deposited with the escrow agent EUR 3,000,000 to be held in escrow for a maximum period of 13 months post-closing as partial security for potential

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MICROVISION, INC. amended Amendment Agreement to the Asset Purchase Agreement with Ibeo Automotive Systems GmbH valued at EUR 7,000,000 (effective 2023-01-31).

Action: amendment
Agreement: asset purchase
Counterparty: Ibeo Automotive Systems GmbH
Value: EUR 7,000,000
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, MicroVision and Ibeo amended the Asset Purchase Agreement pursuant to an Amendment Agreement to the Asset Purchase Agreement (the “Amendment”), which provided for an amended schedule of transferred contracts, modification to certain calculations, and establishment of a holdback in connection with the purchase price payment mechanics.

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MICROVISION, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-024390

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