- Pinewood Technologies Group
- 04 September 2024 11:05:09
Source: Sharecast
The London-listed firm, formerly known as Pendragon, said it had agreed to invest $4.2m as part of a minority investment round in Seez, which specialises in AI-driven solutions for the automotive industry, including an AI chatbot and several software-as-a-service (SaaS) modules.
It described the partnership as a significant move for Pinewood, as it prepared for expansion into the US market in collaboration with Lithia Motors.
Under the agreement, Pinewood would have exclusive distribution rights to Seez products in the US, enhancing its product offerings with advanced e-commerce and omnichannel solutions.
Pinewood said it was funding the investment from its existing cash resources, positioning itself to offer cutting-edge technology to its automotive retail clients as it expanded globally.
“This is a unique opportunity for us to further enhance our industry leading SaaS offering in the automotive retail market,” said chief executive officer Bill Berman.
“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.”
At 0952 BST, shares in Pinewood Technologies Group were down 1.88% at 338.5p.
Reporting by Josh White for Sharecast.com.