Mountain View, CA – Applied Intuition, Inc., a leading tooling and software provider for autonomous vehicle development, has entered into a definitive merger agreement with Embark Technology, Inc. (NASDAQ: EMBK), a prominent autonomous trucking software company based in San Francisco, CA.
The agreement outlines that Applied will acquire Embark in an all-cash transaction, valuing the equity at approximately $71 million. The merger is anticipated to be finalized in the third quarter of 2023, subject to approval by Embark shareholders and customary closing conditions. Upon completion, Embark shares and warrants will no longer be traded on NASDAQ, and the company will transition into a privately held entity.
The strategic merger aims to leverage the strengths of both companies, with Applied Intuition integrating Embark’s internal tools, data, and software assets to enhance its offerings for customers in the trucking and automotive industries. As part of the transaction, Embark intends to retire its fleet of test vehicles. Key employees from Embark are expected to join Applied to provide ongoing support and contribute to the expansion of the company’s product suite.
Embark, founded in 2016 and led by CEO Alex Rodrigues, has established itself as a pioneer in autonomous software development. The company’s machine learning methodologies enable advanced perception capabilities, backed by a safety-redundant compute system. Additionally, Embark has developed a custom-built hardware platform optimized for autonomy and has conducted extensive real-world testing, accumulating over 1.5 million miles of autonomous operations on highways.
Applied Intuition, under the leadership of Co-Founder and CEO Qasar Younis, is dedicated to accelerating the adoption of safe and intelligent machines worldwide. The company’s software solutions enable faster, safer, and more streamlined development of autonomous systems. Applied’s solutions are trusted by autonomy programs across industries and are utilized by 17 of the top 20 global automotive OEMs to develop, test, and deploy autonomous systems at scale.
The merger between Applied Intuition and Embark Technology reflects their shared commitment to advancing autonomous technology and driving innovation in the industry. By combining their expertise and resources, the companies aim to further propel the development and deployment of autonomous vehicles, contributing to the realization of a safer and more efficient future of transportation.