Applied Intuition completes approximately $71M acquisition of Embark
Applied Intuition completed its all-cash acquisition of Embark Technology on August 2, 2023. The issuer-filed transaction announcement valued Embark equity at approximately $71 million, or $2.88 per share.
Why it matters
Applied Intuition completed its all-cash acquisition of autonomous-trucking developer Embark Technology and began integrating its software assets and staff.
Evidence notes
- The transaction closed on 2 August 2023 with an equity value of approximately $71 million.
- Applied said it would integrate Embark tools, data and software assets into products for trucking and automotive autonomy developers.
- Embark planned to retire its test-vehicle fleet, while selected employees were expected to join Applied Intuition.
Company context
Historical autonomous-trucking developer acquired by Applied Intuition in 2023.