Francisco Partners has acquired CDK Global International, a provider of automotive retail software in EMEA and Asia. No financial terms were disclosed.
LONDON AND SAN FRANCISCO, 1 March 2021 – Francisco Partners (FP), a leading global investment firm that specializes in partnering with technology businesses, today announced the completion of the acquisition of CDK Global International, a former division of CDK Global (NASDAQ: CDK) and a leading provider of automotive retail software in EMEA and Asia. CDK Global International has now been established as an independent business named Keyloop.
Petri Oksanen, Partner at Francisco Partners and Chairman of Keyloop, comments:
“The decision to invest in Keyloop, with its track record of technological innovation and impressive global footprint, was a natural one for us and we look forward to developing the business in the months and years ahead and to accelerating the transformation of this exciting industry. We are committed to ensuring Keyloop is able to move swiftly and decisively to deliver on its mission of transforming the car buying and ownership experience in partnership with both dealers and OEMs.”
Tom Kilroy joins Keyloop immediately as the new CEO. He joins from FP, where he was an Operating Partner. Prior to this, he held the position of Chief Operating Officer of Finastra, a fintech company with over 10,000 employees and revenues of ~$2 billion. He brings deep experience of best practices from global technology businesses providing mission-critical software.
“We have all seen how technology players have set new standards for exceptional digital retail experiences. Now automotive consumers are starting to demand the same. As dealers and OEMs attract and serve the next generation of car buyers, digital transformation must be top of their agenda. We strongly believe that Keyloop is uniquely positioned to help them achieve this.”
Matt Spetzler, Partner at Francisco Partners and Member of the Board of Keyloop, comments:
“We believe Keyloop has a strong foundation and an exciting strategic vision to be at the centre of a vibrant and inclusive automotive technology ecosystem. We expect Keyloop to announce its first steps in the market immediately and to accelerate the development of its partner programme, work more closely with OEMs going forward, and connect technology solutions from around the world to help create a new future for automotive retailing for dealers.”
Francisco Partners was advised by Portico Capital as its financial advisor, RL Frey Inc., Paul Hastings LLP and Kirkland & Ellis as legal counsel, and Alvarez & Marsal’s Transaction Advisory Group.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $25 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
Keyloop’s mission is to create and connect technology that advances the car buying and ownership experience in partnership with dealers and OEMs. It is a leading global provider of software solutions to the auto retail industry; serving approximately 16,000 dealer sites and most automotive manufacturers, in over 90 countries. Headquartered in the UK, Keyloop also has operations across EMEA and Asia. For more information, please visit www.keyloop.com