A German automotive parks company, Continental AG, is close to an agreement with Google and IBM to develop self-driving systems for cars.

The partnership would accordingly involve shared investments up front and shared revenue later on according to Reuters.

Google, IBM, and Continental have all yet to comment publically about the news as of press time.

"At Continental we believe that the internet does not just come into the car, but that the car becomes a part of the internet," said CEO Dr. Elmar Degenhart in August, according to TireReview.com. "This opens up so many exciting opportunities for shaping the mobility of the future through innovation and creativity."

In 2012, Continental reported a net income of $2.5 billion on revenue of $43.7 billion.

Continental is hoping to unveil the two pacts at the Frankfurt Auto Show on Sept. 10 according to Daily Frankfurter Allgemeine Zeitung.

Google has been working on autonomous driving technology since 2010, and has tested a fleet of self-driving vehicles on California roads.

Automakers like Ford, General Motors and Toyota have also been working on developing computer-controlled features to help drivers according to Reuters.

"We think the best way to unlock the opportunities of the connected vehicle is to look for collaborations, where we bring together areas of expertise and allow breakthrough technology to be imagined, developed and brought to market," said Degenhart.

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