Benzinga | May 19, 2021 06:19AM EDT

STMicroelectronics Acquires Edge AI Software Provider Cartesiam For Undisclosed Sum

* STMicroelectronics NV (NYSE: STM) announced a deal with Edge Computing and Artificial Intelligence software specialist Cartesiam to acquire its assets (including its IP portfolio) and transfer and integrate its employees.

* The financial terms of the transaction were not disclosed.

* The addition of Cartesiam's machine learning technology to STMicroelectronics' existing solutions will provide the best edge-AI solution portfolio on the market for any customer looking to bring additional innovation to their offering, STMicroelectronics President Claude Dardanne said.

* STMicroelectronics NV held $4.2 billion in cash and equivalents as of April 3, 2021.

* Price action: STM shares traded lower by 0.99% at $34.97 in the premarket session on the last check Wednesday.