Xperi has entered into an agreement to sell its AutoSense in-cabin safety business and related imaging solutions to Sweden-based Tobii AB for $42.7 million.
The sale allows Xperi to streamline its business and focus its investments on entertainment markets like smart TVs, connected cars, and video over broadband where it sees the greatest growth potential.
Xperi’s AutoSense business, which employs around 280 people, uses imaging technology to monitor driver attention levels and give alerts about distracted or drowsy driving. Under the sale agreement, Tobii will pay Xperi $27.7 million in promissory notes to be repaid over three years starting in 2027, plus $15 million in additional payments over four years beginning in 2028. There is also potential for more contingent payments in 2031 based on the business’s future performance.
The deal is expected to close within 30 days pending customary closing conditions. Xperi says selling the AutoSense unit will reduce its 2024 revenue by about $30 million but should have a positive impact on profitability. The company plans to issue full 2024 guidance after the transaction wraps up.
