Applied Intuition is acquiring San Francisco, Calif.-based Embark, an autonomous trucking software company, in an all-cash transaction for approximately $71 million.
Applied Intuition aims to integrate Embark’s internal tools, data, and software assets to further improve its offerings for customers in the trucking and automotive industries, the companies said in a statement.
Key Embark employees are expected to remain to support Applied Intuition and expand the company’s suite of product offerings. Embark will be retiring its fleet of test vehicles as part of the transaction.
The transaction is expected to close in the third quarter of 2023 and is subject to approval by Embark shareholders and other customary closing conditions. Upon completion of the transaction, Embark shares and warrants will cease trading on NASDAQ, and Embark will become a privately held company.
Goodwin Procter is serving as legal counsel to Applied Intuition. Evercore is serving as financial advisor and Wilson Sonsini Goodrich & Rosati is serving as legal counsel to Embark and its transaction committee. Houlihan Lokey provided additional financial advisory services to Embark’s transaction committee.
[Image courtesy: Embark]