German automotive manufacturer Volkswagen AG announced that it plans to acquire a majority stake in Swedish telematics services provider WirelessCar to support its digitalization efforts.
Volkswagen will acquire a 75.1 percent stake in WirelessCar from Volvo Information Technology AB, a wholly-owned subsidiary of the Volvo Group, for 1.1 billion Swedish kronor ($121.45 million).
Volkswagen said in August that it was planning to target partnerships or acquisitions with software companies.
The company generates $289.3 billion revenue annually.