paragon sells its AI subsidiary to CARIAD
paragon GmbH & Co. KGaA has signed an agreement with CARIAD SE, a software company belonging to the Volkswagen Group, regarding the sale of its AI subsidiary, paragon semvox GmbH.
Closing of the transaction is still subject to various conditions, in particular the reservation of antitrust approvals, and is expected in spring 2023.
paragon semvox GmbH has supplied the Volkswagen Group as its main customer with AI-based solutions for voice control and human-machine interaction for many years. Both parties agreed on a purchase price of approximately EUR 40 million – the final purchase price however will be determined on the basis of a balance sheet as of the closing date.
Once the transaction is completed, paragon semvox GmbH will become a wholly-owned subsidiary of CARIAD SE. Currently, more than 140 employees work at the semvox sites in Limbach and Nuremberg – all these jobs will be retained. The paragon development teams in India and China will also continue to support semvox.