Dana Acquires Pi Innovo LLC, Further Enhancing e-Propulsion Software, Controls, and Electronics Capabilities

Rhea-AI Summary

Dana Incorporated (NYSE: DAN) has acquired Pi Innovo LLC, a specialist in embedded software and electronic control units for the automotive sector. This acquisition enhances Dana's in-house capabilities in electrification and electrodynamics. With over 25 years of experience, Pi Innovo provides strong modular software solutions that will support Dana's electric vehicle initiatives. This strategic move positions Dana to better serve the evolving needs of original equipment manufacturers in the vehicle electrification market.

Positive

• Acquisition of Pi Innovo strengthens Dana's electrification product portfolio.
• Integration of Pi Innovo's expertise enhances Dana's e-Propulsion software capabilities.
• Expands Dana's market reach in the electric vehicle sector.

Negative

• None.

MAUMEE, Ohio, March 1, 2021 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has acquired Pi Innovo LLC a leader in embedded software solutions and electronic control units to support the light vehicle, commercial vehicle, and off-highway markets. Dana previously held a non-controlling interest.

Headquartered near Detroit, Michigan, USA, the acquisition of Pi Innovo enables Dana to increase its in-house electrodynamics capabilities and electrification product portfolio by adding a strong library of turn-key electric vehicle application software, vehicle level controllers, and auxiliary controllers.

"The extremely talented and experienced Pi Innovo team have provided exceptional modular software and controls solutions for original equipment manufacturers for more than 25 years," said James Kamsickas, Dana chairman and CEO.  "Integrating Pi Innovo with Dana's leading e-Propulsion software capabilities will further enhance our ability to provide value for our customers as they continue to accelerate their electric vehicle portfolio development."

The software and controls expertise of PI Innovo builds on Dana's robust capabilities in designing, engineering, and delivering complete vehicle integration for e-Propulsion systems, further positioning the company as a leader in vehicle electrification.

About Dana Incorporated
Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions for all mobility markets across the globe.  The company's conventional and clean-energy solutions support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

Based in Maumee, Ohio, USA, the company reported sales of $7.1 billion in 2020 with 38,000 associates in 33 countries across six continents.  Founded in 1904, Dana was named one of "America's Most Responsible Companies 2021" by Newsweek for its emphasis on sustainability and social responsibility.  The company is driven by a high-performance culture that focuses on its people, which has earned it global recognition as a top employer, including "World's Best Employer" from Forbes magazine.  Learn more at dana.com.

About Pi Innovo
Pi Innovo is an expert partner for the design and development of electronic systems and control software for the automotive, transportation, defense, industrial, and aviation industries. Pi Innovo's multi-skilled engineering teams can develop vehicle electronic systems from concept to production and have applied this capability in recent years to the challenges of vehicle electrification. OpenECU is Pi Innovo's range of adaptable, modular, reusable field-ready products that are implemented to volume production standards, and are fully "open" to custom configuration, adaptation, and further development. The OpenECU family includes ECUs, prototyping accessories, electronic circuit libraries, platform base software, model-based control strategies, and application software.

View original content to download multimedia:http://www.prnewswire.com/news-releases/dana-acquires-pi-innovo-llc-further-enhancing-e-propulsion-software-controls-and-electronics-capabilities-301237278.html

SOURCE Dana Incorporated

FAQ

What is the significance of Dana's acquisition of Pi Innovo?

The acquisition enhances Dana's capabilities in electrification and software solutions for electric vehicles.

When was the acquisition of Pi Innovo announced?

The acquisition was announced on March 1, 2021.

How will the acquisition affect Dana's market position?

It positions Dana as a leader in vehicle electrification by expanding its software and control capabilities.

What are Pi Innovo's contributions to Dana's portfolio?

Pi Innovo provides modular software solutions and control systems that enhance Dana's electric vehicle offerings.

What is the impact of the acquisition on shareholders of Dana (DAN)?

The acquisition is expected to drive future growth in the electric vehicle market, potentially benefiting shareholders.