General Motors, Magna, and Wipro announced on Tuesday a partnership to establish a sales platform for buying and selling automotive software. The joint venture, named SDVerse, aims to connect buyers and sellers through a digital platform, enabling the listing of software features and attributes.
Wipro revealed in a regulatory filing an investment of $5.85 million, representing a 27% stake in SDVerse, with GM and Magna holding 46% and 27% stakes, respectively. The transaction is expected to be finalized by the end of March.
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The platform, currently in its development stage, is anticipated to showcase numerous automotive software products and attract participants from across the industry. This initiative comes amidst automakers’ heightened investments in technology to develop connected vehicles with advanced driver aids.
Harmeet Chauhan, Global Head of Wipro Engineering Edge at Wipro Ltd, commented, “The market for automotive software is expected to nearly double this decade, potentially outpacing the growth of software development talent pools.”
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While specific revenue targets were not disclosed, SDVerse will operate on an annual subscription fee model, with no charges for buying or selling products. GM, Magna, and Wipro will each have seats on the board of SDVerse, which will function independently.
