(JNS.org) The American high-tech giant Intel Corp. announced Monday it has agreed to buy Israeli vision technology developer Mobileye for $15.3 billion, in the largest-ever acquisition of an Israeli technology company.

As automakers around the world compete to develop cutting-edge self-driving car technology, Intel’s purchase of Mobileye, a global leader in the development of vision technology for Advanced Driver Assistance Systems, places the U.S. computer chip company at the forefront of the rapidly expanding autonomous vehicle market.

Israeli Prime Minister Netanyahu called to congratulate Mobileye CEO Ziv Aviram soon after the deal was announced. Netanyahu also tweeted, “Congratulations to Mobileye! Israeli genius, Israeli pride.”

Science and Technology Minister Ofir Akunis also spoke proudly of Israel’s booming high-tech industry after the acquisition announcement, saying, “Israel is a superpower in knowledge, technology and innovation. The fact that large international companies see potential in Israel and are seeking to acquire Israeli companies that lead their prospective fields is a source of national pride for our technological strength.”

Following the buyout announcement, Mobileye co-founders Amnon Shashua and Aviram sought to reassure the company’s employees, stating that they would continue to control Mobileye’s daily operations and that “there is much to learn from Intel’s experience, culture, expertise and resources in many fields tangential to our own and we plan to embrace this opportunity to learn and tap into their knowledge.”