Intel is betting big on autonomous vehicle technology. The company announced Monday that it has entered into a definitive agreement to acquire Mobileye.

Under the terms of the agreement, a subsidiary of Intel will commence a tender offer to acquire all of the issued and outstanding ordinary shares of Mobileye for $63.54 per share in cash, representing a fully-diluted equity value of approximately $15.3 billion and an enterprise value of $14.7 billion.

The acquisition will combine the areas of specialization for both companies, including Intel’s high-performance computing and connectivity expertise and Mobileye’s computer vision expertise to create automated driving solutions from the cloud through the network to the car, said Intel.

According to Intel, the combination is expected to accelerate innovation for the automotive industry and position the company as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles.

Intel estimates the vehicle systems, data and services market opportunity to be up to $70 billion by 2030. The transaction extends Intel’s strategy to invest in data-intensive market opportunities that build on the company’s strengths in computing and connectivity from the cloud, through the network, to the device.

Mobileye was founded in 1999 to create systems that would help cars detect other vehicles on the road using regular cameras and custom-built processors.