Automotive software group Pinewood has agreed to acquire the outstanding 91% of share capital of AI SaaS platform Seez in a deal worth £33.3m.
Pinewood, which provides software for vehicle vendors, has been on a push to incorporate automation into is tech offering, having rolled out its AI product across 155 dealerships in a deal with Global Auto Holdings last week.
Looking to keep pace with its push into AI, Pinewood said its acquisition of Seez will give it access to the Emirati company’s portfolio of tech products, including an AI chatbot, proprietary AI and machine learning modules for vehicle appraisal and inventory management and an AI digital marketing tool.
The London-listed group will use its bolstered AI capabilities to push for expansion in the UK and North America.
The company first took a stake in Seez in September 2024 and has been pursuing a full acquisition since then.
“Seez is an outstanding company that has developed highly sophisticated AI and machine learning products that are increasingly critical tools for the automotive retail market and they are highly complementary to our own Automotive Intelligence Platform,” said Pinewood CEO Bill Berman.
The acquisition is made of a £22.8m cash consideration with a cash cancellation of £3.9m and £6.6m payable in Seez consideration shares.
Founded in Dubai in 2016, Seez has gone on to raise over $20m for its AI automotive industry software.
“By combining our advanced AI-driven solutions with Pinewood’s proprietary data and deep dealer integrations, we are creating a next-generation platform that will empower dealerships with smarter, more efficient tools to drive growth,” said Seez co-founder and chief executive Tarek Kabrit.
“The future of automotive retail is intelligent, autonomous, and data-driven—together, and we couldn’t have asked for a better partner to make that future a reality.”
Shares in Pinewood Technologies have risen as much as 3.3% on Friday morning.