UK-based Pinewood Applied sciences has acquired Dubai-headquartered automotive AI startup Seez for $42 million, it introduced at the moment. With the deal, it’s buying a 90.9 % stake in the agency, to finish the 100% acquisition of the agency. Pinewood acquired the remaining 9.1 % stake within the Dubai startup via a strategic funding of $4.2 million in September 2024.
Based in 2016 by Tarik and Andrew Karabit, Seez offers AI chatbots and omnichannel merchandise for automotive retailers. The startup, which additionally has an workplace in Copenhagen, serves over 1,300 supplier areas throughout Europe and MENA.
Pinewood, which offers cloud-based software program options to automotive retailers and OEMs throughout 21 international locations, plans to make use of the acquisition to boost its AI capabilities, significantly in customer support, gross sales assist, car appraisal, and stock administration. The corporate goals to leverage Seez’s know-how to raised serve North American sellers, the place 80 % already use AI instruments.
The deal consists of $22.8 million in money consideration, $3.9 million for ESOP choices holders, and $6.6 million in Pinewood shares. The previous Seez shareholders receiving shares can be topic to a six-month lock-up interval.
Tarek Kabrit, co-founder and CEO of Seez, mentioned, “We’re thrilled to hitch forces with Pinewood at such a pivotal second within the automotive business. By combining our superior AI-driven options with Pinewood’s proprietary information and deep supplier integrations, we’re making a next-generation platform that may empower dealerships with smarter, extra environment friendly instruments to drive progress.”
“This acquisition not solely accelerates Pinewood’s growth into the North American market but in addition permits us to collectively redefine how sellers work together with know-how, streamline operations, and improve buyer experiences. The way forward for automotive retail is clever, autonomous, and data-driven—collectively, and we couldn’t have requested for a greater accomplice to make that future a actuality,” he added.
Invoice Berman, CEO of Pinewood, mentioned, “Seez is an impressive firm that has developed extremely refined AI and machine studying merchandise which can be more and more important instruments for the automotive retail market and they’re extremely complementary to our personal Automotive Intelligence Platform.”
Seez had beforehand raised $18 million since pivoting to a SaaS mannequin. Its buyers embody B&Y Enterprise Companions, Phoenician Funds, Wamda Capital, and Nuwa Capital. The startup began as an automotive market in Lebanon however later pivoted right into a SaaS for automotive retailers and moved its headquarters to UAE.
The transaction is anticipated to shut round March 19, 2025, topic to sure circumstances.
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