By Christian Moess Laursen

Halfords Group said global tire maker Bridgestone Americas has invested $3 million to buy a 5% stake in Avayler Trading, Halfords' wholly-owned software-as-a-service providing subsidiary.

The motoring-and-cycling products provider said Wednesday that Bridgestone Americas has additionally agreed to a master commercial deal to become a client of the Avayler business.

The proceeds of the sale will be used for general corporate purposes, including to support the continued growth of Avayler, Halfords said.

Avayler is a software-as-a-service provider for automotive companies wanting to digitize services such as online customer booking and invoicing.

"The length and scope of the agreement fuels our confidence in Avayler's long-term potential as we continue to roll it out to more clients around the world," Chief Executive Graham Stapleton said.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

November 01, 2023 04:18 ET (08:18 GMT)

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