Benzinga | Jul 19, 2021 10:14AM EDT

Luminar Acquired Exclusive Lidar Chip Partner OptoGration For Undisclosed Sum

* Luminar Technologies, Inc (NASDAQ:LAZR) acquired its exclusive InGaAs chip design partner and manufacturer, OptoGration Inc, bringing specialized core IP and securing supply chain as Luminar scales Iris into series production with its OEM customers.

* The financial terms of the transaction remain undisclosed.

* The acquisition secures a vital part of Luminar's supply chain and enables deeper integration with its existing chip design subsidiary Black Forest Engineering (BFE), which Luminar acquired in 2017.

* Luminar combines the latest technology from OptoGration and BFE to power its new fifth-generation lidar chip in Iris as it prepares for the series production of its product and technology.

* The transaction is estimated to close in Q3.

* Luminar is an excellent fit for OptoGration because the companies share a vision for transforming automotive safety and autonomy with lidar, OptoGration President William Waters said.

* Luminar held $610.3 million in cash and equivalents as of Mar. 31.

* Price action: LAZR shares traded lower by 5.32% at $17.19 on the last check Monday.