Volkswagen Group has made connected services an investment focusÂ (Photo: VW)
Porsche Holding has acquired a 10 pc stake in Inrix, underscoring the importance of connected information for theÂ Volkswagen Group.
Citing the quickly growing need for traffic-related information and data-based solutions, Porsche board member Philipp von Hagen said: "We see a tremendous potential in this segment of the automotive value chain." Von Hagen, who is in charge of investment management for Porsche Holding, will join the board of directors of Inrix.
Porsche Holding is the parent company of Volkswagen and its 12 brands. One of those brands is the sports car maker Porsche. The company said it is looking at other investments related to connectivity and mobility to complement its VW shareholding.
Inrix CEO Bryan Mistele said in a press statement that Porsche's involvement in the company would help realize strategic goals. "With Porsche SE, we have found an investor who shares our vision for transforming INRIX from a traffic data company to a connected car and smart cities leader worldwide,” he said. Inrix is owned by several venture capital firms and by its employees.
Porsche paid 55 million dlrs for its stake in Inrix, which specializes in the analysis and interpretation of traffic data. The company said it expected continued "double-digit growth" in coming years.