Joining the autonomous driving race in top gear, Intel Corporation has completed the $15.3 billion acquisition of Israeli technology company Mobileye NV.
Mobileye is a global leader in the development of computer vision and machine learning, data analysis, localisation and mapping for advanced driver assistance systems and autonomous driving.
Intel Corp further extended its offer to buy out remaining shareholders of Mobileye NV after securing 84 percent of the acquisition target's shares.
According to Intel, the vehicle systems, data and services market will be worth up to $70 billion by 2030.
The acquisition is expected to accelerate innovation for the automotive industry and positions Intel as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles.
"With Mobileye, Intel emerges as a leader in creating the technology foundation that the automotive industry needs for an autonomous future," said Intel CEO Brian Krzanich in a statement.
The combination of Intel and Mobileye will allow Mobiley's leading computer vision expertise to complement Intel's high-performance computing and connectivity expertise to create automated driving solutions from Cloud to car.
Intel's Automated Driving Group (ADG) will combine its operations with Mobileye. Mobileye would remain headquartered in Israel and led by Professor Amnon Shashua who will serve as Intel senior vice president and Mobileye CEO and chief technology officer.
"For the first time, the auto industry has a single partner with deep expertise and a cultural legacy in both areas. Mobileye is very excited to begin this new chapter," Shashua said.