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On January 2, 2020, Drew Technologies, Inc., an Opus IVS division company, acquired US-based AutoEnginuity, LLC for a purchase price of approximately USD 20 million (approximately SEK 187 million) on a cash-free and debt-free basis. All conditions for completion of the acquisition of AutoEnginuity have been met.
Background and reasons for the Acquisition
AutoEnginuity, founded in 2003 and headquartered in Mesa, Arizona, has developed into a leader in advanced aftermarket automotive diagnostics software and associated vehicle make/model coverage. The combined Opus IVS companies serve an existing customer base of 50,000 automotive repair shops globally, by providing market leading vehicle diagnostics and vehicle communication offerings to address the trend of increased vehicle digitalization and automation.
“We are excited about the acquisition of AutoEnginuity due to the company’s status as a leader in multi-brand advanced automotive diagnostics and it being widely used in the US collision scanning market. We see a great fit with our existing products and services in the Opus IVS division. Building on Autologic’s European diagnostics technology and support services, Opus IVS can now expand its products and services lineup to cover all brands within the US market”, said Lothar Geilen, CEO of Opus. “I want to express a warm welcome to the employees at AutoEnginuity. We are looking forward to having the AutoEnginuity employees become a part of the Opus family” Geilen continued.
“As Opus IVS continues to expand its products and coverage into new markets, AutoEnginuity will allow greater vehicle coverage and support for more diagnostic platforms. By adding the AutoEnginuity diagnostic coverage to our DrivePro platform, Opus IVS repair customers will soon have more capability. Leveraging AutoEnginuity diagnostic coverage will solidify the DriveCrash platform as a technology leader for the U.S. collision scanning industry”, Brian Herron, President of the Opus IVS division stated.
This announcement does not change the Board’s statement with regards to the public offer from Ograi/Searchlight as announced on December 20, 2019.
Gothenburg, January 3, 2020
Opus Group AB (publ)
This is information that Opus Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out herein, at 08:00 CET on January 3, 2020.
For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
Linus Brandt, CFO & Executive Vice President
Tel: +46 722 44 09 05
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