Harman buys car app maker iOnRoad
Audio equipment maker Harman International Industries Inc. is adding to its auto business with the acquisition of iOnRoad, which makes smartphone apps for drivers.
Harman, whose auto products include navigation and other electronics systems, did not disclose Wednesday how much it paid for iOnRoad Technologies Ltd.
Harman said buying the Israeli company will help it more quickly offer new driver assistance systems. The company's app uses a smartphone's camera and sensors to detect other vehicles in front a driver's car and alerts a driver when there is danger of a collision.
Shares of Stamford, Conn.-based Harman rose 31 cents to $42.92 in morning trading.