11:30 am, April 10, 2024
Automotive Transformation Group (ATG) is to be taken over by Keyloop after the two firms reached a ‘definitive agreement’ over an acquisition.
The deal, for an undisclosed fee, will see ATG join forces with the automotive tech giant in a move which bosses say will ‘help retailers and OEMs improve the customer experience.’
Barring any last minute hitches, the agreement will be rubber stamped in the coming months, following the conclusion of ‘customary closing conditions’.
Keyloop says that the acquisition will allow it to create an ‘integrated technology portfolio’ which ‘more completely connects the entire consumer automotive journey’.
ATG, which sponsored our recent Car Dealer Live Conference in Gaydon, will now be tasked with helping to delivery Keyloop’s ‘Experience First’ concept.
The approach puts accurate data at its core, allowing for a more personalised customer experience.
ATG, based in Kent, currently employs over 330 people. Following the conclusion of the deal, those employees will join the Keyloop team.
Commenting on the deal, Keyloop CEO Tom Kilroy said: ‘The acquisition of ATG will mark an important step forward in making Experience-First a tangible reality for our customers.
‘ATG has created an exciting offering with the Fusion omnichannel auto retailing platform.
‘By combining this with Keyloop’s complementary platform offerings and broad range of capabilities, we can make a meaningful positive impact on the digital transformation of the automotive retail experience.
‘We’re looking forward to welcoming the talented team at ATG as colleagues.’
Tim Smith, CEO at ATG, added: ‘At ATG, our mission has always been to free our customers from complicated vehicle sales and deliver mobility via our digital, retention and data solutions.
‘We believe Keyloop is the perfect fit for us as we continue to provide cutting-edge, consumer-first software for retailers, OEMs, financiers, and fleet suppliers.
‘We look forward to being part of Keyloop as it delivers on its mission to provide Experience-First solutions for the automotive industry worldwide.’
ATG is being advised in the deal by Houlihan Lokey and Taylor Wessing while Keyloop is being advised by King & Spalding and Paul Hastings LLP.
