Pinewood Technologies Group PLC, a SaaS provider specialising in retail solutions for the automotive industry, has announced an advance subscription agreement with Seez App Holding Ltd.
Seez, an AI-focused automotive technology firm, offers a range of products including an AI Chatbot and other SaaS modules, as well as e-commerce and omnichannel solutions for dealer groups.
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Under the terms of the agreement, Pinewood will make a USD$4.2 million minority investment in Seez. This investment is part of a strategic move as Pinewood prepares to expand into the US market in collaboration with Lithia Motors.
As part of the agreement, Pinewood will also establish a strategic commercial partnership with Seez, gaining exclusive distribution rights for Seez products in the US. This partnership aims to enhance Pinewood’s product offerings and ensure that existing customers have access to Seez’s advanced technical solutions through the Pinewood ecosystem.
The investment will be funded from Pinewood’s existing cash reserves.
Bill Berman, Chief Executive Officer of Pinewood Technologies Group, stated: “Seez is an outstanding business that offers sophisticated, AI-powered products to the automotive sector.
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By GlobalData“This investment presents significant commercial and operational benefits for Pinewood. We look forward to collaborating with Seez and exploring future opportunities with their comprehensive AI product suite.”
