General Motors, auto parts supplier Magna, and IT company Wipro have announced their joint venture, SDVerse, to create a online sales platform facilitating the buying and selling of automotive software.
SDVerse will serve as a digital marketplace, connecting buyers and sellers within the automotive industry, where software features and attributes can be efficiently listed and accessed. The venture represents a significant step towards digitizing the automotive software procurement process.
Wipro, in a regulatory filing, unveiled its investment of $5.85 million, securing a substantial 27 percent stake in SDVerse. Meanwhile, GM and Magna will respectively hold 46 percent and 27 percent stakes in the venture. The transaction is slated for completion before the end of March.
The platform, currently in its developmental phase, is anticipated to showcase a diverse array of automotive software products and attract participation from various industry stakeholders. This initiative aligns with the broader trend of automakers intensifying their technological investments to propel the development of connected vehicles equipped with advanced driver aids.
Harmeet Chauhan, Global Head of Wipro Engineering Edge at Wipro, highlighted the exponential growth projected for the automotive software market in the coming decade.
While specific revenue targets were not disclosed, SDVerse will operate on an annual subscription fee model, foregoing charges for transactions.
Moreover, alongside the founding members, an exclusive “Launch Partner” group has been established, led by Ampere, FEV, Forvia, HL Mando, NXP Semiconductors, TTTech Auto, and Valeo, further bolstering SDVerse’s industry support and potential.
