Latest news with #Pinewood.AI
Yahoo
3 days ago
- Automotive
- Yahoo
PINEWOOD.AI ANNOUNCES AGREEMENT TO ACQUIRE LITHIA'S MAJORITY STAKE IN NORTH AMERICAN JOINT VENTURE
to Acquire Lithia's 51% Stake; New Contract Secures Deployment Across Lithia's Dealerships in US and Canada by 2028 LONDON and MEDFORD, Ore., June 6, 2025 /PRNewswire/ -- Pinewood Technologies Group plc ( a leading cloud-based software provider for the automotive retail industry, and Lithia UK Holdings Limited, a wholly-owned subsidiary of Lithia & Driveway (NYSE: LAD), today announced an agreement in which will acquire Lithia's 51% interest in their North American joint venture for $76.5 million. The acquisition will be satisfied through the issue of 14,560,691 new ordinary shares in and values the joint venture at $150 million. Full ownership of the joint venture gives complete control of its North American platform, removing potential barriers to its broader adoption and supporting its expansion across the region's $6.5 billion automotive retail software sector. The acquisition will also simplify structure and financial reporting, enabling full revenue consolidation and greater transparency. Alongside the proposed transaction, the two companies have signed a five-year contract committing to the rollout of the Pinewood Automotive Intelligence™ platform across all Lithia's current and future dealerships in the US and Canada projected by the end of 2028. The contract also includes an agreement on pricing for Lithia's use of expects to generate approximately $40 million in annual recurring revenue once the current rollout is complete. With additional North America-specific features planned for release by the end of 2028, projected annual revenue from Lithia is expected to reach approximately $60 million. The valuation attributed to the joint venture has been independently supported by Kroll LLC and is based on the deployment of DMS platform and layered applications across Lithia's North American footprint. "We are delighted to have reached an agreement with Lithia to acquire the majority stake of the North America joint venture. The US and Canada are central to our growth strategy, and through the joint venture, we have made significant progress towards commercializing the Pinewood Automotive Intelligence™ platform for the North American market. Assuming full control of the joint venture will strengthen our ability to fully capitalize on the opportunities available in a key strategic growth market," commented Bill Berman, Chief Executive Officer of Pinewood Technologies Group plc. "Today, we are also announcing that we have agreed the terms of a five-year contract with Lithia to implement the Pinewood Automotive Intelligence™ Platform across all its current and future sites by the end of 2028. This is a significant milestone on our journey to entering the North American market and we remain on track to pilot the platform in Lithia's US stores in the second half of 2025, with the full system rollout commencing in 2026. I would like to take this opportunity to thank Lithia for their partnership in the joint venture and we look forward to working with them as a key customer long into the future." "This agreement represents the next step in our strategic partnership with and supports our vision to modernize customer experiences across our ecosystem. As largest global customer, we are excited to partner in the rollout of their platform across our North American network and accelerate our transformation into a fully integrated, data-driven retailer. is now able to emerge as the leading automotive intelligence provider in the U.S. Each of our global stores are committed to the Pinewood Automotive Intelligence™ Platform, and we will continue partnering on best-in-class product development," said Bryan DeBoer, President and CEO of Lithia & Driveway. Following completion, Lithia will remain a committed minority shareholder and key long-term customer. About Pinewood Technologies Group PLC First established in 1981, Pinewood Technologies Group PLC (Pinewood) is a leading cloud based full-service technology provider to automotive retailers and OEMs. Pinewood's system is a market-leading automotive intelligence platform, which has been developed collaboratively with dealers and OEMs to provide secure cloud-based software across sales, aftersales, accounting and CRM. Headquartered in the UK, Pinewood has a team of over 200 people serving over 35,000 global users across 21 countries and long-standing partnerships with over 50 OEM brands. Previously part of Pendragon PLC, in 2024 Pinewood became an independent entity following the sale of Pendragon's UK Motor and Leasing divisions to Lithia Motors, Inc., one of the largest automotive retailers in North America. Pinewood simultaneously signed a strategic partnership with Lithia to roll out its software across Lithia's UK locations and form a joint venture to co-develop capabilities and accelerate Pinewood's entry into the North American market. LSE: PINE OTCQX: PINWF About Lithia & DrivewayLithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire. 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Yahoo
25-02-2025
- Automotive
- Yahoo
OTC Markets Group Welcomes PINEWOOD TECHNOLOGIES GROUP PLC to OTCQX
NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced PINEWOOD TECHNOLOGIES GROUP PLC (LSE: PINE; OTCQX: PINWF), a cloud-based dealer management software provider, has qualified to trade on the OTCQX® Best Market. PINEWOOD TECHNOLOGIES GROUP PLC upgraded to OTCQX from the Pink® market. PINEWOOD TECHNOLOGIES GROUP PLC begins trading today on OTCQX under the symbol 'PINWF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. Bill Berman, CEO of Pinewood Technologies Group, commented:'We are thrilled to begin trading on the OTCQX Market, which offers investors in the U.S. the opportunity to purchase shares in Pinewood Automotive Intelligence™ more easily. As the first fully integrated secure cloud-based ecosystem operating in 21 countries and partnering with more than 50 manufacturers, Pinewood Automotive Intelligence™ is uniquely positioned to offer real-time solutions to real world retail problems. The Pinewood Automotive Intelligence™ platform gives dealers and OEMs alike the ability to drive growth and unlock greater profits while operating securely in our fully connected environment. 'With the global market for Dealer Management Software solutions fragmented, the Pinewood Automotive Intelligence™ platform capitalizes on the universal need for clarity between customer, dealer and manufacturer. Strengthened by our partnership with Lithia, one of the largest automotive dealer groups in the U.S., we believe Pinewood Automotive Intelligence™ is a compelling investment proposition that will continue to deliver significant value for shareholders.' About PINEWOOD TECHNOLOGIES GROUP PLC (Trading as established in 1981, (Pinewood Automotive Intelligence™) is a leading pure-play cloud-based business, providing innovative solutions to automotive retailers and OEMs. system is a market-leading automotive intelligence platform, which has been developed collaboratively with dealers and OEMs to provide full end-to-end secure cloud-based software across sales, aftersales, accounting and CRM. Headquartered in the UK, has a team of over 200 people serving over 30,000 global users across 21 countries and long-standing partnerships with over 50 OEM brands. About OTC Markets Group Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN and OTC Link NQB are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Subscribe to the OTC Markets RSS Feed Media Contact:OTC Markets Group Inc., +1 (212) 896-4428, media@ in to access your portfolio
Zawya
25-02-2025
- Automotive
- Zawya
Proposed acquisition of Seez by Pinewood.AI to revolutionize global automotive solutions
Dubai, UAE - Seez, a Dubai-based innovator in AI-powered automotive solutions, has announced its proposed acquisition by Pinewood Technologies Group PLC (' for an equity value of $46.2m in a combination of cash and shares with the share component expected to double in the next 3 years. Founded in 2016 by Tarek Kabrit and Andrew Kabrit, Seez began with a disruptive idea: an app identifying any vehicle—from a single picture (Shazam for cars) This vision quickly attracted nearly 3 million users. Recognizing the evolving needs of both consumers and dealerships, Seez pivoted, transforming from a popular mobile app into a world-leading auto AI company. Today, having expanded globally to 16 markets ranging from Mexico to Australia, Seez offers a complete AI and ML-powered SaaS platform built on proprietary technology. Their products include an AI virtual assistant, e-commerce and omnichannel modules, and AI-powered digital marketing services. Seez serves a growing roster of Tier 1 clients, including leading automotive dealer groups, OEMs, and online classifieds, and has secured key partnerships with top finance, insurance, and SaaS providers globally. The company's rapid growth is evident in its $4.4 million annual recurring revenue as of December 2024, marking a 5x increase compared to the previous year, with projections to triple again by December 2025. proposed acquisition of Seez delivers a powerful combination of advanced AI capabilities, a loyal customer base, and a strong financial foundation, all while capitalizing on the growing importance of AI in automotive retail. With over 1,300 customer rooftops and a high-margin, recurring revenue model, Seez adds immediate value to This strategic move is strongly supported by Lithia Motors Inc., Pinewood's parent company and the largest dealer group globally, who plans to integrate Seez's AI Virtual Assistant, Seezar, across its global network of dealerships. Tarek expressed his enthusiasm for the partnership, stating, "We are thrilled to join forces with Pinewood at such a pivotal moment in the automotive industry. By combining our advanced AI-driven solutions with Pinewood's 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." Tarek emphasized that the acquisition accelerates Pinewood's expansion into the North American market while allowing both companies to redefine how dealers interact with technology, streamline operations, and enhance customer experiences. "The future of automotive retail is intelligent, autonomous, and data-driven and we couldn't have asked for a better partner to make that future a reality," he added. CEO Bill Burman reflected on the strategic importance of the proposed acquisition, noting that the partnership builds on their strong progress since initial investment in Seez in September 2024. "Seez 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." Burman said. This proposed acquisition positions Seez and Pinewood as trailblazers in the automotive sector. Together, they aim to lead the charge in providing smarter, more efficient industry solutions that help their customers unlock value, drive performance and profitability. That's + Seez, an AI powered secure end-to-end fully cloud-based ecosystem designed by car people for car people. About Seez: Seez is an automotive technology company established in 2016 and focused on AI-powered solutions for car dealers and OEMs. With headquarters in Dubai and an office in Copenhagen, Seez delivers a suite of SaaS products designed to enhance efficiency, automation, and customer engagement. Our solutions range from omnichannel retail platforms and predictive pricing models to advanced machine learning tools and AI-driven chat solutions. Operating across 16 countries, Seez empowers automotive businesses with data-driven insights and seamless digital experiences. Further information can be located by visiting For more information on Seez, please contact: Priyanka Prakash priyanka@
Zawya
25-02-2025
- Automotive
- Zawya
UK's Pinewood.AI to acquire Dubai's Seez for over $46.2mln
UK-based is set to take over Dubai-headquartered autotech start-up Seez in a new deal valued at more than $40 million. Pinewood, which provides cloud-based software in the automotive industry, has signed an agreement to acquire the outstanding 90.9% share capital of Seez from other current shareholders for $42 million (£33.3 million). The new agreement follows Pinewood's initial $4.2 million investment in Seez in September 2024. 'We are thrilled to join forces with Pinewood at such a pivotal moment in the automotive industry… We are creating a next-generation platform that will empower dealerships with smarter, more efficient tools to drive growth,' said Tarek Kabrit, CEO of Seez. The acquisition is set to be completed on or around March 19, 2025. Once the deal is completed, Pinewood will own 100% of the share capital of Seez, with the aggregate investment, including last year's, totalling $46.2 million. The new deal includes a cash consideration of £22.8 million, cash cancellation amount of £3.9 million and £6.6 new ordinary shares issued to certain sellers. (Writing by Cleofe Maceda; editing by Seban Scaria)
Wamda
24-02-2025
- Automotive
- Wamda
Pinewood.AI to acquire UAE's Seez for $46.2 million
UK-based automotive intelligence platform has agreed to acquire Seez for $46.2 million in cash and shares. The share component is expected to grow over the following three years. Founded in the UAE in 2016 by Tarek Kabrit and Andrew Kabrit, Seez is an autotech company that provides car dealerships and OEMs with software solutions to improve their customer experience and increase sales. Last year, Seez raised a $4.2 million investment round, and ever since, it has expanded globally to 16 markets ranging from Mexico to Australia. Press release: Seez, a Dubai-based innovator in AI-powered automotive solutions, has announced its proposed acquisition by Pinewood Technologies Group PLC (' for an equity value of $46.2 million in a combination of cash and shares, with the share component expected to double in the next 3 years. Founded in 2016 by Tarek Kabrit and Andrew Kabrit, Seez began with a disruptive idea: an app identifying any vehicle—from a single picture (Shazam for cars) This vision quickly attracted nearly 3 million users. Recognising the evolving needs of both consumers and dealerships, Seez pivoted, transforming from a popular mobile app into a world-leading auto AI company. Today, having expanded globally to 16 markets ranging from Mexico to Australia, Seez offers a complete AI- and ML-powered SaaS platform built on proprietary technology. Their products include an AI virtual assistant, e-commerce and omnichannel modules, and AI-powered digital marketing services. Seez serves a growing roster of Tier 1 clients, including leading automotive dealer groups, OEMs, and online classifieds, and has secured key partnerships with top finance, insurance, and SaaS providers globally. The company's rapid growth is evident in its $4.4 million annual recurring revenue as of December 2024, marking a 5x increase compared to the previous year, with projections to triple again by December 2025. proposed acquisition of Seez delivers a powerful combination of advanced AI capabilities, a loyal customer base, and a strong financial foundation, all while capitalising on the growing importance of AI in automotive retail. With over 1,300 customer rooftops and a high-margin, recurring revenue model, Seez adds immediate value to This strategic move is strongly supported by Lithia Motors Inc., Pinewood's parent company and the largest dealer group globally, which plans to integrate Seez's AI Virtual Assistant, Seezar, across its global network of dealerships. Tarek expressed his enthusiasm for the partnership, stating, "We are thrilled to join forces with Pinewood at such a pivotal moment in the automotive industry. By combining our advanced AI-driven solutions with Pinewood's 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." Tarek emphasised that the acquisition accelerates Pinewood's expansion into the North American market while allowing both companies to redefine how dealers interact with technology, streamline operations, and enhance customer experiences. "The future of automotive retail is intelligent, autonomous, and data-driven—and we couldn't have asked for a better partner to make that future a reality," he added. CEO Bill Burman reflected on the strategic importance of the proposed acquisition, noting that the partnership builds on their strong progress since initial investment in Seez in September 2024. "Seez 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." Burman said. This proposed acquisition positions Seez and Pinewood as trailblazers in the automotive sector. Together, they aim to lead the charge in providing smarter, more efficient industry solutions that help their customers unlock value, drive performance and profitability. That's + Seez, an AI powered secure, end-to-end, fully cloud-based ecosystem designed by car people for car people.
