LONDON: Pinewood Technologies Group, a leading pure-play SaaS business providing innovative retail solutions to the automotive industry, has entered into an advance subscription agreement with Seez App Holding Ltd.
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.”