NXP Semiconductors announces acquisition of TTTech Auto

NXP Semiconductors (NXP) has agreed to acquire Austrian automotive software developer TTTech Auto for $625 million in cash as part of its push into software-defined cars. NXP said in a statement on Tuesday that after the transaction is completed, TTTech's management team and approximately 1,100 engineering employees will join NXP's automotive team. The transaction is subject to regulatory approval. TTTech Auto has established business relationships with many leading automotive OEMs through its deterministic operating system and time-triggered Ethernet technology.