Volkswagen AG said Jan. 10 that it agreed to acquire the remaining 51% interest in Diconium GmbH that it does not already own, making it the sole shareholder of the German digital specialist.
Financial terms of the deal were not disclosed.
The German carmaker acquired its 49% stake in Diconium in November 2018 to help it build a global online sales platform where customers can purchase and manage on-demand services like multimedia streaming, automatic payment for fuel, battery charging and parking, among others.
Most recently, Volkswagen said its acquisition of Diconium will contribute to the development of its Car. Software organization, which is behind Volkswagen's vehicle software development.
Volkswagen has been ramping up its electrification efforts over recent years. In 2018, Volkswagen announced a €30 billion plan to mass-produce electric cars. It also hopes to generate a significant part of its future revenue from digital services like car-sharing and digital payment of parking fees. Volkswagen had earlier partnered with Microsoft Corp. to develop its cloud software platform.