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LONDON - Pinewood Technologies Group PLC, a provider of cloud-based retail solutions for the automotive industry, has agreed to acquire a 90.9% stake in Seez App Holding Ltd., an automotive AI and ML SaaS platform, for approximately $42 million (£33.3 million). The transaction is expected to be finalized around March 19, 2025, contingent on the successful issue of new shares as part of a related equity fundraise.
The acquisition will be financed with roughly £22.8 million in cash, £3.9 million for ESOP option holders, and the remainder in new ordinary shares issued to certain sellers. This move follows Pinewood’s initial strategic investment in Seez in September 2024.
Seez, headquartered in Dubai with an office in Copenhagen, is recognized for its AI and ML-powered automotive SaaS platform, which includes an AI chatbot, SaaS modules, and various e-commerce and omnichannel products. These tools are currently utilized by automotive dealer groups globally.
The acquisition is set to significantly increase earnings by FY26, the first full year of Seez under Pinewood’s ownership. Pinewood’s initial investment combined with the acquisition totals $46.2 million. As of December 2024, Seez reported an annual recurring revenue (ARR) of $4.4 million, a fivefold increase from the previous year, with expectations to triple by December 2025.
The board of Lithia Motors (NYSE:LAD), Inc., a global automotive retailer, has expressed support for the acquisition, intending to deploy Seez’s chatbot product across its stores upon commercial readiness.
The strategic rationale behind the acquisition includes the growing role of AI and ML in dealership management systems (DMS), the scalability of Seez’s omnichannel platform, and the integration of sophisticated technology with Pinewood’s existing infrastructure. The transaction also allows Pinewood to avoid significant investment or reliance on third-party licenses to roll out an established AI & ML offering.
Pinewood CEO Bill Berman stated that the acquisition builds on the success since their strategic investment and is aligned with the company’s technology and strategic roadmap. Tarek Kabrit, CEO and Co-Founder of Seez, expressed excitement about joining forces with Pinewood to create a next-generation platform for dealerships.
The information for this article is based on a press release statement.
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