Dana Inc. said it acquired Pi Innovo, a suburban Detroit company that develops embedded software programs and electronic control units.
Dana, an Ohio supplier of axles, driveshafts, transmissions, thermal management and more, on Monday said it will fold in Pi Innovo to build on its already-established vehicle electrification capabilities and to support Dana's continued forays into light-vehicle, commercial vehicle and off-highway markets.
The transaction has been completed and terms were not disclosed.
The move adds a "strong library" of turnkey EV application software, vehicle level controllers and auxiliary controllers to Dana's business.
"Integrating Pi Innovo with Dana's leading e-Propulsion software capabilities will further enhance our ability to provide value for our customers as they continue to accelerate their electric vehicle portfolio development," Dana CEO James Kamsickas said in a statement.
The acquisition comes just after Dana reported a dip in fourth-quarter profitability and cash flow but notably ramped up investment in electrification in 2020. Before the acquisition, Dana held a noncontrolling interest in Pi Innovo.
Dana, one of the oldest U.S. auto suppliers, with roots dating to 1904, ranks No. 30 on the Automotive News list of the top 100 global suppliers, with worldwide parts sales to automakers of $8.62 billion in 2019.
