Qualcomm Inc. (QCOM) said Monday it agreed to buy Israel-based auto chip maker Autotalks to strengthen its portfolio of Snapdragon chips for automakers. While Qualcomm did not provide an amount, the company is reportedly paying $350 million to $400 million for the company, according to TechCrunch, citing unnamed sources. Autotalks specializes in "vehicle-to-everything," or V2X, communication technologies that are intended to reduce collisions and improve mobility, Qualcomm said. Recently, Qualcomm reported that second-quarter auto chip sales rose 20% to $447 million from a year ago. Autotalks has already received $100 million in funding from such investors as Foxconn and Nuvoton Technology Corp. , according to Crunchbase.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 08, 2023 11:42 ET (15:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.