Samsung Acquires Harman for $8 Billion to Boost Its Presence In the Car-Tech Market
Korean electronics giant, Samsung, made a major splash in the car-tech market this morning by announcing it had acquired US audio company Harman.
The all-cash deal is worth an astounding $8 billion, representing Samsung’s largest acquisition ever, and ultimately thrusts the company into the forefront of the infotainment technology market within automobiles.
“Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time,” said Samsung CEO Oh-Hyun Kwon in a press release. “[This acquisition] immediately establishes a strong foundation for Samsung to grow our automotive platform.”
While companies like Apple and Google are still working on developing self-driving cars, it appears more and more companies, such as Samsung, are moving towards developing software for existing automakers.