The acquisition combines mavin lidar with Ibeo perception software features into the MicroVision ASIC for automotive OEMs. In addition, this acquisition expands MicroVision's multi-market strategy focusing on industrial, smart infrastructure, robotics, and commercial vehicle segments with Ibeo's flash-based sensor. The combined company is expected to have revenue streams from existing and new product lines ranging from software, Ibeo's flash-based lidar and MicroVision's scanning lidar sensor, as well as other combinations of hardware with perception software solutions. The closing of the acquisition, expected to occur during the first half of 2023, is subject to regulatory clearance from the German ministry of economics and climate protection.

MicroVision expects to expand on Ibeo's relationship with ZF Friedrichshafen, an Tier 1 partner to OEMs, to manufacture the mavin lidar sensor. ZF has been producing lidar systems on behalf of Ibeo since 2020 providing deliveries to Great Wall Motor, China's SUV and pickup manufacturer. This highly automated production line has the capability to supply sensors to automotive OEMs and non-automotive customers.