12:00 pm, March 3, 2021
Cox Automotive has bought e-commerce services and finance software provider Codeweavers, it announced today (Mar 3).
The automotive services group said the deal – for an undisclosed sum – will ‘significantly’ broaden its digital selling abilities and offering.
Codeweavers – which began life in 2002 as the tech arm of a finance brokerage firm and became an independent business in 2012 – will sit alongside Cox’s existing digital marketing and retail services business Modix.
It provides products such as new car stock locators, finance calculators, finance application, checkout and e-signing to support online digital sales for vehicle manufacturers, dealers and lenders.
Martin Forbes, president of Cox Automotive International, said: ‘Today’s acquisition is an integral part of our strategy to help our customers develop a strong digital retail presence.
‘We are incredibly excited that Codeweavers is joining the Cox Automotive family and look forward to supporting them during their next phase of growth.’
He added: ‘The pandemic has clearly shown the importance of having a compelling digital retail offering and the need for innovative online technology solutions has accelerated over the last year.
‘We know that any effective new or used vehicle e-commerce platform must have extensive digital capabilities built in, and Codeweavers offers an impressive range of products and software in this area.
Success
‘The company is a leading provider in this space and their solutions are integrated into the websites of some of the largest automotive manufacturers.
‘We’re looking forward to working with them to build on their current success in the UK and Europe.’
There was no word about any impact on jobs, but he said that Codeweavers’ expertise, knowledge and products would complement those of Modix.
Codeweavers will keep its brand in the UK, with CEO and founder Roland Schaack reporting to Modix International managing director Darren Sinclair.
Schaack said: ‘We are thrilled to be joining Cox Automotive and excited by the opportunities that being part of a bigger business will present for both Codeweavers and Modix.
‘We are extremely proud of the success of the business so far and believe Cox Automotive will enable us to grow our client base and develop our products even further.
‘Today’s announcement is a fantastic opportunity to create the best digital retail offering within the automotive industry and be a true digital retail leader across the whole of Europe.’
Cox Automotive aims to double the size of its business by 2034. In March 2020, it bought C Walton Ltd in its biggest single acquisition in the UK. It also launched Dealer Auction – a joint venture with Auto Trader – in 2019.
UHY Hacker Young acted as advisers on the deal.
Codeweavers extends e-commerce tools offer as it predicts rebound
