India, June 22 -- Automotive technology firm ECARX Holdings Inc (ECX) announced on Monday that it has agreed to buy the entire Flyme software business from DreamSmart Group for 1.8 billion yuan, or about $266 million in cash, to strengthen its proprietary software stack and end-to-end OS capabilities.
In pre market activity on the Nasdaq, shares of ECARX were up 3.77 percent, changing hands at $1.1000, after closing Thursday's regular session 6.19 percent lower.
The Flyme business comprises Flyme Auto OS and Flyme OS. Flyme Auto OS is already used in more than 2 million ECARX production vehicles across multiple automakers. Flyme OS is a mobile operating system used in vehicles, smartphones and wearables.
The company planned to fund the d...