Birmingham-based automotive software group Pinewood has agreed terms to acquire the outstanding 90.9 per cent of the share capital of automotive AI and ML SaaS platform Seez in a deal worth 拢33.3m.
Pinewood has said the acquisition will give it access to the Dubai-based company鈥檚 wide range of tech products which includes an AI digital marketing tool, an AI chatbot, and proprietary AI and machine learning modules for vehicle appraisal.
It will then use these enhanced capabilities to further expand its company in the UK and North America.
The company has acquired 90.9 percent of Seez after first taking a stake in it five months ago.
The full value of Seez is 拢36.5m and Pinewood鈥檚 acquisition consists of a 拢22.8m cash consideration with a cash cancellation of 拢3.9m and 拢6.6m payable in consideration shares.
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鈥淪eez is an outstanding company that has developed highly sophisticated AI and machine learning products that are increasingly critical tools for the automotive retail market and they are highly complementary to our own Automotive Intelligence Platform,鈥� said Bill Berman, CEO of Pinewood.
Tarek Kabrit, co-founder and CEO of Seez, added: 鈥淏y combining our advanced AI-driven solutions with Pinewood鈥檚 proprietary data and deep dealer integrations, we are creating a next-generation platform that will empower dealerships with smarter, more efficient tools to drive growth.
鈥淭he future of automotive retail is intelligent, autonomous, and data-driven – together, and we couldn鈥檛 have asked for a better partner to make that future a reality.鈥澛犅�
Since 8am this morning, Pinewood鈥檚 shares have increased from 333p to 352p as of 1.45pm.