VC-backed Auto I.D. seeks buyer

Venture capital-backed Auto I.D., which provides “information beyond the VIN,” is up for sale, two sources said.

FT Partners is advising on the process, the sources said.

Sean Smith, an auto industry executive, founded Auto I.D. in 2012 and is CEO. The Nashville company’s software enables users — typically a lender, an auto finance company or a dealer — to identify a car based on their VIN information.

Customers include Santander, Fifth Third Bank and Global Lending Services. The Auto I.D. platform includes equipment verification, collateral validation, data analytics and fraud indicators.

Active I.D. has raised $1.1 million in funding over three rounds, Crunchbase reported. It’s not clear who the investors are.

One source said Auto I.D. in 2018 produced $10 million of Ebitda on $15 million of revenue. That’s expected to grow to $18 million of Ebitda on $23 million in revenue this year, the person said. The second person said Auto I.D.’s Ebitda is expected to surge to $30 million next year.

PE and strategics are expected to bid for Auto I.D., sources said. Bids are due in June, the second person said.

The deal is the latest for FT Partners, which is also advising on the Instamed sale. Final bids for the healthcare-payments company were due at the end of April, Buyouts reported.

Executives for Auto I.D. and FT Partners could not be reached for comment.

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