- Pinewood Technologies PLC Acquires Majority Stake in UAE’s Seez to Empower the Automotive Sector
- The deal is valued at $42 million, with completion expected in March.
Pinewood Technologies PLC, a specialist in cloud retail solutions for the automotive industry, has acquired 90.9% of the shares in the UAE-based company Seez, a SaaS platform leveraging artificial intelligence and machine learning in the automotive sector, for $42 million.
The deal is expected to be completed by March 19, 2025, contingent on the successful issuance of new shares as part of the related fundraising process.
The acquisition will be funded through £22.8 million in cash, £3.9 million for ESOP holders, with the remaining amount paid in the form of new ordinary shares issued to certain sellers.
Seez is known for its AI and machine learning-powered SaaS platform, which includes a smart chatbot, SaaS units, and a variety of e-commerce and multi-channel products.
These tools are currently used by car dealerships globally.
The acquisition is expected to lead to a significant increase in profits by the 2026 financial year, which will be the first full year of Seez under Pinewood’s ownership.
The total initial investment by Pinewood with the acquisition is $46.2 million. According to data recorded in December 2024, Seez achieved annual recurring revenue (ARR) of $4.4 million, five times higher than the previous year, and is expected to triple its revenue by December 2025.
This acquisition reflects the accelerating growth of artificial intelligence and machine learning in Dealer Management Systems (DMS), as well as the substantial scalability of the Seez multi-channel platform, integrating this advanced technology with Pinewood’s existing infrastructure.
The deal also allows Pinewood to avoid significant investments or reliance on third-party licenses to offer a robust AI and machine learning solution.
It is worth noting that Seez received an initial strategic investment from Pinewood worth $4.2 million in September 2024.
