NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION.
FOR
IMMEDIATE RELEASE
4th September
2024
Pinewood
Technologies Group PLC
("Pinewood" or the
"Company")
Strategic
Investment
Pinewood Technologies Group PLC, a
leading pure-play SaaS business providing innovative retail
solutions to the automotive industry, is pleased to announce it has
entered into an advance subscription agreement ("the Agreement") with Seez App Holding
Ltd ("Seez").
Seez is one of the world's leading automotive
AI companies, and boasts a broad product portfolio built on market
leading proprietary technology, which includes its AI Chatbot along
with several other AI SaaS modules. In addition, Seez offers a
suite of e-commerce and omnichannel products to leading dealer
groups across the globe. Seez currently has a presence in 16
markets and existing global partnerships with a strong pipeline for
further growth in the coming years. Under
the terms of the Agreement, Pinewood has agreed to invest USD 4.2
million as part of a minority investment round.
Pinewood will also enter into a strategic
commercial partnership with Seez to bolster Pinewood's product
offering as the Company prepares for its expansion into the US
market alongside Lithia Motors. The partnership offers Pinewood
exclusive distribution rights of Seez products in the US market and
with existing customers, ensuring they'll have access to the latest
and best technical solutions in the market via the Pinewood
ecosystem.
The investment will be funded from the
Company's existing cash resources.
Bill Berman, Chief Executive Officer of Pinewood Technologies
Group, said: "This is a unique opportunity for us to further enhance our
industry leading SaaS offering in the automotive retail market.
Seez is an outstanding business that offers sophisticated,
AI-powered products to the automotive sector and this investment
offers compelling commercial and operational benefits for Pinewood.
We are looking forward to partnering with Seez and are excited
about the future opportunities with their comprehensive AI product
suite."
This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018, as amended. The person
responsible for arranging release of this announcement on behalf of
the Company is Oliver Mann, Chief Financial Officer.
Enquiries:
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Jefferies International Limited (Joint Corporate
Broker)
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+44 (0) 20 7029 8000
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Philip Noblet
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Thomas Bective
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Jordan Cameron
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Berenberg (Joint Corporate
Broker)
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+ 44 (0) 20 3207 7800
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Ben Wright
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Mark Whitmore
Richard Andrews
|
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Headland Consultancy (PR &
Communications)
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+44 (0) 20 3805 4822
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Henry Wallers
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Jack Gault
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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 30,000 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.
Important
Notices
This announcement is not intended to,
and does not constitute, or form part of, any offer to sell or an
invitation to purchase or subscribe for any securities or a
solicitation of any vote or approval in any
jurisdiction.
This announcement has been prepared
for the purpose of complying with the applicable law and regulation
of the United Kingdom and information disclosed may not be the same
as that which would have been disclosed if this announcement has
been prepared in accordance with the laws and regulations of
jurisdictions outside the United Kingdom.
