Mergers and Acquistions News
Categories: IT Services & Consulting
November 10th 2008, 15:57PM
Car dealer Pendragon is looking to divest its software arm, it has been revealed.
The firm hopes to raise £60 million by offloading Pinewood, which offers products targeted at the automotive market.
Its flagship product, Pinnacle, is a web-based car dealership management system which has interfaces for vehicle sale, marketing and customer relation management.
The package also deals with accounting functions and back-office management issues.
Pinewood posted a pre-tax profit of £8.1 million last year, an increase of £5.3 million on the previous financial reporting period, it also recorded annual sales of £21 million.
Last week, customer service consultancy Foviance acquired web analytics firm Applied Insights (AI).
According to Paul Blunden, chief executive officer of London-based Foviance, the deal will allow it to provider a better service for its clients which include 43 FTSE 100 firms.
The company will now be able to offer a "strong blend of business, analytical and technology consulting capabilities", he added.
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