A high-growth SaaS business, strong recurring revenues opens up new growth markets in Europe.
Further to the announcement of 10 May 2022, MotorK Plc (AMS: MTRK) (“MotorK” or the “Group”) announces the completion of the acquisition of Carflow (“the Company”), a European automotive retail solutions provider that serves approx. 400 car dealers and major automotive OEMs, including Jaguar, Land Rover, Opel, Stellantis and Subaru.
Founded in 2009, Carflow is an established automotive software as a service (“SaaS”) player in the Belgian, Dutch and French digital automotive retail markets, expanding MotorK’s European presence into these growing markets. The Company provides car dealers and manufacturers with a suite of digital solutions focused on three areas: 1) automated online sales and conversion processes; 2) lead generation and follow-up; and 3) omnichannel digital showroom capability. Carflow is also partnering with Carconnex, one of the leading car trading player in Belgium, to propose a virtual inventory platform to its clients.
In 2021, the Company reported revenues of c. €3.0 million, achieving double-digit growth on the previous year. Recurring revenues represented c. 75% of this total.
About MotorK Plc
MotorK (AMS: MTRK) is a leading software as a service (“SaaS”) provider for the automotive retail industry in the EMEA region, with over 400 employees and eleven offices in eight countries (Italy, Spain, France, Germany, Portugal, the UK, Israel and Belgium). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. For more information: www.motork.io or www.investors.motork.io.
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