Thu, 07 Nov 2024 | BUSINESS SALE
Car servicing Fintech platform Bumper has made its first acquisition by snapping up AutoBI a provider of business intelligence tools for car retailers and manufacturers.
Sheffield-based Bumper, which works with over 5,000 dealerships and garages across Europe aims to help drivers split the costs of often expensive vehicle repair bills through flexible payment options. It counts major names such as Volvo, Ford and Porsche as clients.
AutoBI, based in Telford, was founded in 2019 and via its web-based dashboards provides near real-time updates on critical information about all aspects of an automotive business including CRM, sales, service, parts and finance.
Bumper believes that the acquisition will enhance its digital payments platform with increased insights for its dealer partners and help it meet its aim of being a European market leader.
All of AutoBI’s staff will transfer over as part of the deal with founder Jonathan Sharman continuing as its chief executive.
Sharman said: "The AutoBI team are excited to become part of Bumper and support its growth in the UK and Europe as the leading finance platform for car retailers. The synergies between the businesses will enable us to seamlessly add further value to Bumper's dealer proposition."
Jack Allman, CCO and co-founder of Bumper, added: "AutoBI is a perfect fit for Bumper and this acquisition is a key part of our strategic goal to become Europe’s largest automotive payment and data platform. AutoBI's ability to generate thousands of near real-time reports will enable us to provide our dealer partners with greater visibility of data and insights across their businesses, helping boost their profitability, efficiencies and cost savings. This is our first acquisition and we will review further opportunities as they arise.”
Back in January this year Bumper secured £40 million in a Series B fundraise to accelerate its growth. The round was led by Autotech Ventures and with investment from Shell Ventures as well as JLR’s InMotion Ventures, Porsche Ventures and Revo Capital.
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