Tobii AB: Tobii divests some imaging assets acquired from FotoNation
As previously communicated, Tobii is continuously refining its product portfolio and seeking ways to maximize the value of its investments while reducing cost. In line with this strategy, Tobii has divested certain research and development activities, including assets related to chip-level hardware, firmware, and imaging technology, to the former founders of FotoNation. As consideration for the divestment, Tobii holds a minority stake of 19.9 percent in the new company. The divestment will result in a total reduction of around 35 employees.
On 31 January 2024, Tobii acquired all shares in FotoNation Ltd, including the AutoSense business. In addition to the automotive-related technologies, Tobii also received technology and patents related to image processing and computer vision. As part of the strategy to refine the product portfolio and reduce operational expenses, Tobii has divested certain imaging research and development activities in Ireland and Romania, including assets relating to chip-level hardware, firmware, and imaging technology, to the former founders of FotoNation.
Tobii has received a 19.9 percent minority stake in a new company founded by the former founders FotoNation as consideration for the divestment. The transaction took effect in the third quarter of 2024 and is now being finalized, resulting in a total reduction of around 35 employees. The full cost reduction from the transaction will materialize starting in the second quarter of 2025, as Tobii will incur consulting costs related to the completion of customer projects through the end of the first quarter of 2025. The impact on operational expenses is part of the previously communicated cost reduction program, which is expected to lower cash-related operational expenses by more than SEK 200 million in total over the 12 months following the baseline set in the second quarter of 2024.
"This divestment of selected imaging activities and related assets is aligned with our strategic focus on advancing Tobii's path to profitability through a streamlined product portfolio and targeted investments. It also represents a key step in our cost-saving program aimed at reducing operational expenses. We expect that the continued optimization of our portfolio will unlock sustained value from previous investments", said Anand Srivatsa, CEO of Tobii.
For more information, please contact:
Carolina Strömlid, Head of Investor Relations, Tobii AB, phone: +46 (0)70 880 71 73, email: carolina.stromlid@tobii.com
Rasmus Löwenmo Buckhöj, Head of Communications, Tobii AB, +46 (0)73 327 87 64, email: rasmus.lowenmobuckhoj@tobii.com
About Tobii
Tobii is the global leader in eye tracking and pioneer of attention computing. We are on a mission to improve the world with technology that understands human attention and intent. Creating tech for a better future, our technologies and solutions apply to areas such as behavioural studies and research, healthcare, education and training, gaming, extended reality, automotive, and many more. Tobii's eye tracking is used by thousands of enterprises, universities, and research institutes around the globe. Headquartered in Sweden, Tobii is listed on Nasdaq Stockholm (TOBII). For more information: www.tobii.com.