UK-based Pinewood.AI is set to take over Dubai-headquartered autotech start-up Seez in a new deal valued at more than $40 million.

Pinewood, which provides cloud-based software in the automotive industry, has signed an agreement to acquire the outstanding 90.9% share capital of Seez from other current shareholders for $42 million (£33.3 million). 

The new agreement follows Pinewood’s initial $4.2 million investment in Seez in September 2024.

“We are thrilled to join forces with Pinewood at such a pivotal moment in the automotive industry… We are creating a next-generation platform that will empower dealerships with smarter, more efficient tools to drive growth,” said Tarek Kabrit, CEO of Seez.

The acquisition is set to be completed on or around March 19, 2025. Once the deal is completed, Pinewood will own 100% of the share capital of Seez, with the aggregate investment, including last year's, totalling $46.2 million.

The new deal includes a cash consideration of £22.8 million, cash cancellation amount of £3.9 million and £6.6 new ordinary shares issued to certain sellers.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com