CDK Global International has marked its rebrand as Keyloop with the acquisition of both Rapid RTC and enquiryMAX following its takeover by Francisco Partners (FP).
Car dealer management system (DMS) giant CDK Global International became Keyloop today (March 2) as investment firm FP officially completed its acquisition of the business – formerly a division of CDK Global (NASDAQ CDK) – for $1.45 billion (£1.04bn).
The acquisition by FP, which specializes in technology businesses, also heralded the acquisition of automotive retail lead management specialists enquiryMAX and Rapid RTC.
FP said in a statement that the moves demonstrates its conviction to ensure Keyloop is uniquely positioned to help those involved in the automotive sector, both dealers and OEMs, respond to major changes over the coming decade as they transform the automotive retail experience.
Tom Kilroy, will join the business from FP to become the new chief executive of Keyloop, while Neil Packham, the former CEO of CDK Global International, will continue to support the business “in an advisory capacity”, it said.
Kilroy, previously an operating partner at FP, has previously held the position of chief operating Officer of Finastra; a fintech company with over 10,000 employees and revenues of $2 billion.
He said: “Keyloop’s strong performance, impressive history and brilliant people are the key attributes that made it such an attractive company.
“FP acquired Keyloop not only because it recognized the superior product portfolio it has today, but also the potential for innovation in one of the world’s most critically important and rapidly evolving industries.
“We have all seen how technology players have set new standards for exceptional digital retail experiences.
“Now automotive consumers are starting to demand the same. As dealerships attract and serve the next generation of car buyers, digital transformation must be top of their agenda, and Keyloop will be the partner to help both them and the OEMs achieve this.
“We are launching our company as Keyloop with the goal of enhancing the automotive customer experience for the better.”
Keyloop’s announcement today that it has acquired both Rapid RTC and enquiryMAX said that it would see the two businesses’ “first-rate lead aggregation, lead response, enquiry management and showroom applications into the Keyloop product portfolio”.
It said that the addition of their products would enable Keyloop to enhance its sales and marketing offering and develop new solutions around lead management and attribution, by combining the data from these products with its own Dealer Management Systems (DMS).
RAPID RTC is headquartered in Winnipeg, Canada and is a provider of digital communication and lead management solutions (LMS) to over 4,200 dealer sites and partners with many leading OEMs.
Glen Demetrioff, the founder and CEO of Rapid RTC and the subject of an AM ‘10m minutes with…’ interview earlier this year, will join Keyloop as a member of its executive team.
enquiryMAX is headquartered in Leeds and provides showroom management solutions to over 970 dealerships in the UK and Ireland and is currently the largest partner from Keyloop’s Partner Programme.
Kilroy said: “We are delighted today to welcome RAPID RTC and enquiryMAX, two leading automotive technology providers, to the Keyloop family.
“We are very excited to include their outstanding lead management and showroom products in our customer offering.
“The combination of these products, together with Keyloop’s leading DMS, will enable us to develop new solutions for our customers around lead measurement and attribution.
“We are also very excited to be able to demonstrate our promise to move quickly with the backing of our new owners, Francisco Partners.”
Despite the acquisition of Rapid RTC and enquiryMAX, Kilroy said that Keyloop remained “committed to accelerating the development of the Keyloop Partner Programme”.
Demetrioff said: “This marks another milestone for Rapid RTC and it’s one I am absolutely thrilled about.
“Not only will it help shape the next phase of growth for Rapid RTC’s lead management and communications platform, but collectively it will open the doors for what I believe will truly be a unique and transformational product offering in the automotive retail landscape.”