Aptiv has long trumpeted its desire to shift into the emerging vehicle software space where it sees long-term growth potential. In a meeting with analysts this month, it cited a McKinsey & Co. forecast that the global market for vehicle software products will triple from $30 billion in value in 2019 to $90 billion by 2030.
The company said that it expects its revenue from software products to grow from $400 million in 2021 to $1 billion in 2026.
"The next wave of growth for automotive will come from the software-defined vehicle, " Velastegui said in a company statement released last week.
Ali Faghri, managing director at Guggenheim Securities, said the supplier is doubling down on its commitment to be more than just a hardware producer.
"They are putting the pieces in place to be a 'one-stop shop' for hardware, firmware, software and middleware to automakers as they move towards more software-defined architectures," Faghri told Automotive News in an email.
Although Aptiv is an established auto supplier, its Wind River acquisition takes the company into new realms.
Only 10 percent of the software company's revenue currently comes from automotive. By contrast, 45 percent comes from aerospace and defense and 30 percent comes from industrial and medical business.
Aptiv spokeswoman Sarah McKinney said in an email that Velastegui will be based out of the supplier's Boston office and work closely with the new Wind River team to "strengthen Aptiv's full-stack offerings with unique cloud- native products and services."
Before working at Microsoft, Velastegui headed Nest's Silicon and Architecture Roadmap team, staying with the group after it was acquired by Google to help scale up the organization. She has also worked for Apple, leading a team that leveraged artificial intelligence and machine learning across all of Apple's advanced technology platforms.
Aptiv's Clark said in last week's statement that "with her expertise and the talented team of engineers she leads, Aptiv will continue to accelerate the industry and society's transition to a software-defined future."
Steven Fox, CEO of Fox Advisors, called Aptiv's recruitment "a major commitment to being a leader in terms of software integration at the Tier 1 level for OEMs."
"This just adds to their opportunities in software, and so bringing in someone with this type of background makes a lot of sense to me."