STMicroelectronics Acquires Edge AI Software Provider Cartesiam For Undisclosed Sum

STMicroelectronics NV STM announced a deal with Edge Computing and Artificial Intelligence software specialist Cartesiam to acquire its assets (including its IP portfolio) and transfer and integrate its employees.
The financial terms of the transaction were not disclosed.
The addition of Cartesiam's machine learning technology to STMicroelectronics' existing solutions will provide the best edge-AI solution portfolio on the market for any customer looking to bring additional innovation to their offering, STMicroelectronics President Claude Dardanne said.
STMicroelectronics NV held $4.2 billion in cash and equivalents as of April 3, 2021.
Price action: STM shares traded lower by 0.99% at $34.97 in the premarket session on the last check Wednesday.