Pinewood.AI Acquires Lithia's Stake in North American Joint Venture

Pinewood.AI has announced an agreement to acquire Lithia's 51% stake in their North American joint venture for $76.5 million, according to a press release. This acquisition will enable Pinewood.AI to expand its platform across the US and Canada.

Pinewood Technologies has announced an agreement to acquire Lithia's 51% stake in their North American joint venture for $76.5 million, announced in a press release. This acquisition will be completed through the issuance of 14,560,691 new ordinary shares in Pinewood.AI, valuing the joint venture at $150 million.

The acquisition grants Pinewood.AI full control over its North American platform, facilitating its expansion across the region's $6.5 billion automotive retail software sector. The deal also simplifies Pinewood.AI's structure and financial reporting, allowing for full revenue consolidation and increased transparency.

In conjunction with the acquisition, Pinewood.AI and Lithia have signed a five-year contract to deploy the Pinewood Automotive Intelligence™ platform across all of Lithia's dealerships in the US and Canada by 2028. This rollout is expected to generate approximately $40 million in annual recurring revenue, with projections reaching $60 million by the end of 2028 as additional North America-specific features are introduced.

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