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Benzinga
Benzinga
Business
Anusuya Lahiri

Cerence Stock Gains On Signing $149M Contract With European Automaker

  • Cerence Inc (NASDAQ:CRNC) forged a contract worth $149 million with a sizeable European automaker for its connected, conversational AI automotive assistant products. 
  • "This milestone deal marks another important moment for Cerence as we accelerate growth and sustain momentum with automotive customers," said CEO Stefan Ortmanns.
  • Cerence develops mobility-based solutions for drivers and their cars. It generates revenue by selling software licenses and cloud-connected services.
  • Cerence's customers include major automotive original equipment manufacturers or tier 1 suppliers. 
  • Price Action: CRNC shares traded higher by 7.10% at $77.37 on the last check Thursday.
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