Connexion Media Limited (ASX:CXZ), an innovator in the connected car market, has signed an agreement with German automotive group Continental Aktiengesellschaft for the supply of radio and music content.
The deal is the first signed by Connexion with a Tier 1 automotive supplier and is expected to provide a platform for the company to pursue direct deals with other third party vehicle manufacturers. Continental’s Interior division will integrate the miRoamer radio and music service in its state of the art infotainment hardware systems that are expected to be sold to a number of automotive manufacturers worldwide.
Commercial terms have been agreed between the two parties and remain confidential. Connexion will receive revenues based on Continental cementing distribution agreements and shipping the miRoamer service to its automotive manufacturer customers. The agreement includes an archiving provision for up to 15 years from the date the final miRoamer-enabled production vehicle is shipped.
“Continental is one of the household names of the automotive industry and this deal is an excellent platform opportunity for Connexion,” said Connexion Media CEO and managing director George Parthimos. “It is further validation that we provide among the world’s best web connected vehicle audio technologies.”
Continental is one of the world’s largest automotive suppliers with sales over €33 billion in 2013 and 186,000 employees across 49 countries. As well as interior products such as infotainment and security the group manufactures brake systems, components for powertrains and chassis, instrumentation and tyres.