- Expands Lear's connectivity offerings with leading-edge technology platform 
and recurring revenue stream 

- Allows for global expansion of Xevo's in-vehicle data monetization platform 

Lear Corporation (NYSE: LEA), a global automotive technology leader in seating 
and electrical and electronic systems, today announced it has entered into a 
definitive agreement to acquire Seattle-based Xevo Inc., a leading automotive 
software supplier that develops solutions for cloud, car, and mobile devices. 

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Xevo's Journeyware suite of products combines a user-friendly interface with a 
cloud-based framework that allow drivers to seamlessly interact with in-car 
content and mobile applications utilizing real-time data. Xevo Market, an 
automotive commerce and services platform, connects consumers with popular 
food, fuel, parking, hotel, and retail brands through in-vehicle touchscreens 
and OEM-branded mobile applications. 

"The acquisition of Xevo broadens Lear's connectivity portfolio, bringing 
together Xevo's leading e-commerce vehicle platform technology with Lear's 
expertise in electronic systems," said John Absmeier, Lear's Chief Technology 
Officer. "Xevo's user interface establishes a connected marketplace for 
consumers in their vehicles, unlocking previously unrealized value from vehicle 
data and opening up new revenue streams."

Xevo's technology is currently available in over 25 million vehicles located 
primarily in the U.S., with significant opportunity for expansion not only in 
North America, but also in Asia and Europe.

"Automakers have embraced the potential of Xevo's e-commerce platform, as well 
as the deeply customizable driver experiences made possible by Xevo's 
artificial intelligence technology," said Dan Gittleman, Xevo's Chief Executive 
Officer. "Today, with Lear's reach, we can scale Xevo's innovative technology 
and business model to a global customer base."

Lear will acquire all the outstanding shares of Xevo for $320 million. The 
transaction, which is subject to regulatory approvals and other customary 
closing conditions and adjustments, is expected to close in the second quarter 
of 2019. Lear intends to fund the transaction through a debt financing.

"With the acquisition of Xevo, Lear advances its leadership position in the 
global trends reshaping the automotive industry," said Ray Scott, Lear's Chief 
Executive Officer. "This transaction is consistent with our stated capital 
allocation strategy.  It allows us to enhance our capabilities in software, 
services, and data analytics and strengthen our market position in 
connectivity. Xevo's world-class team will bring an invaluable pool of 
experience and expertise to our organization, and I am delighted to welcome 
them to the Lear family."

About Lear Corporation

Lear is a global automotive technology leader in seating and electrical and 
electronic systems. Lear serves every major automaker in the world, and Lear 
content can be found on more than 400 vehicle nameplates. Lear's world-class 
products are designed, engineered, and manufactured by a diverse team of 
approximately 169,000 employees located in 39 countries. Lear currently ranks 
#148 on the Fortune 500. Lear's headquarters are in Southfield, Michigan. 
Further information about Lear is available at www.lear.com, or follow us on 
Twitter @LearCorporation. Lear is where passion drives possibilities.

About Xevo Inc.

Xevo Inc. is a trusted Tier-1 automotive software supplier deployed in millions 
of vehicles worldwide. Xevo solutions for cloud, car, and mobile devices 
leverage computer vision, machine learning, and data analytics to continuously 
create, test, and deploy new AI models that improve performance, safety, and 
driver experiences. Xevo's Journeyware suite of automotive products seamlessly 
connects drivers and their vehicles to mobile applications, content, and 
services. Xevo Market, its merchant-to-driver platform, connects customers with 
their favorite brands by delivering highly-contextual offers through the 
touchscreens of their vehicles and their vehicle-branded mobile apps. Xevo 
employs over 300 people primarily in Seattle and Tokyo, and Xevo technology is 
licensed in vehicle systems worldwide to several of the world's largest 
automotive manufacturers. For more information, visit www.xevo.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of 
the Private Securities Litigation Reform Act of 1995, including statements 
regarding anticipated financial results and liquidity. The words "will," "may," 
"designed to," "outlook," "believes," "should," "anticipates," "plans," 
"expects," "intends," "estimates," "forecasts" and similar expressions identify 
certain of these forward-looking statements. The Company also may provide 
forward-looking statements in oral statements or other written materials 
released to the public. All statements contained or incorporated in this press 
release or in any other public statements that address operating performance, 
events or developments that the Company expects or anticipates may occur in the 
future are forward-looking statements.  Factors that could cause actual results 
to differ materially from these forward-looking statements are discussed in the 
Company's Annual Report on Form 10-K for the year ended December 31, 2018, and 
its other Securities and Exchange Commission filings. Future operating results 
will be based on various factors, including actual industry production volumes, 
commodity prices and the Company's success in implementing its operating 
strategy.

SOURCE  Lear Corporation

CONTACT: Investor Contact: Alicia Davis, 248-447-1781, Media Contact: Katya 
Pruett, 248-447-1646