Pinewood Expands Portfolio with Major Acquisition of Seez

Birmingham-based Pinewood has announced a significant expansion in its portfolio by acquiring 90.9% of the Dubai-based automotive AI and machine learning SaaS platform, Seez, for £33.3 million. Pinewood initially took an interest in Seez five months ago and has now secured the remaining shares it did not already own, valuing the full company at £36.5 million. The acquisition is structured with a £22.8 million cash consideration, a cash cancellation of £3.9 million, and £6.6 million payable in consideration shares. This strategic move is designed to enhance Pinewood's capabilities through Seez's advanced tech products, including AI digital marketing tools and machine learning modules, which are intended to augment Pinewood's Automotive Intelligence Platform. Pinewood plans to leverage these new capabilities to expand further into the UK and North American markets. Pinewood's CEO, Bill Berman, expressed confidence that Seez's AI-driven solutions will greatly complement Pinewood's offerings, while Seez's CEO Tarek Kabrit highlighted the synergy between the two companies. The announcement coincided with a rise in Pinewood's share price from 333p to 352p within hours.