REG - Pinewood Tech Gp PLC - Strategic Investment

Pinewood TechnologiesAnnouncement

04/09/2024 07:00

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RNS Number : 7744C  Pinewood Technologies Group PLC  04 September 2024

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

FOR IMMEDIATE RELEASE

4(th) 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:

 

 Jefferies International Limited (Joint Corporate Broker)  +44 (0) 20 7029 8000
 Philip Noblet
 Thomas Bective
 Jordan Cameron

 Berenberg (Joint Corporate Broker)                        + 44 (0) 20 3207 7800
 Ben Wright
 Mark Whitmore

 Richard Andrews

 Headland Consultancy (PR & Communications)                +44 (0) 20 3805 4822
 Henry Wallers
 Jack Gault

 

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.

 

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