September 8, 2017 / 2:27 PM / 16 days ago

Volvo to buy parking valet company Luxe's assets

FILE PHOTO: A Volvo XC 90 car is seen during an interview with CEO Hakan Samuelsson at the Volvo Cars Showroom in Stockholm, Sweden July 5, 2017. TT News Agency/Jonas Ekstromer/via REUTERS

(Reuters) - Geely-owned Volvo Car Group said on Friday it would buy some assets of Luxe, a U.S.-based premium valet and concierge service, to boost the development of its digital services.

Luxe’s advanced software, technology platform, key data scientists, app developers and software engineers will join Volvo in the Silicon Valley, the automaker said.

San Francisco-based Luxe provides valet parking through an app.

The deal is also expected to accelerate Volvo's ability to offer services such as pick-up and drop, the automaker said. (bit.ly/2eL4Yym)

Financial details of the transaction were not disclosed.

Car-ride provider Uber Technologies Inc [UBER.UL] was said to be in advanced talks with Luxe to buy some of its assets, according to media reports in June.

Uber did not immediately respond to a request for comment.

Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza and Shounak Dasgupta

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below