ASE Automotive Solutions has been acquired by Canadian software investment firm Valsoft.
The business has vowed to “invest heavily” as it aims to “consolidate the market” following the move announced today (May 6).
Automotive software, consulting, audit, tax, and corporate finance services supplier ASE will retain chief executive Rob Jones as chief executive and Mike Fazal as chief operating officer as its existing team continues to lead the business, Valsoft said.
Chairman Mike Jones is leaving, however, and took to LinkedIn to announce his new role as automotive retail, future mobility and autotech specialist at Fresh Tracks Holdings.
Commenting on the acquisition of ASE, Rob Jones said: “We are very excited about partnering with Valsoft to bring their software expertise and investment into ASE.
“This partnership will enable us to further develop our global technical solutions, helping our clients to maximise profitability from their automotive retail operations.”
Valsoft chief executive, Sam Youssef, said: “We’re extremely excited to enter the automotive vertical with one of the leaders in the space.
“We are confident that with ASE’s track record and team, along with our software expertise, customers will greatly benefit from the innovations to come.
“We intend to consolidate this market with ASE, and we are planning to continue investing heavily in the space.”
In a LinkedIn post marking the start of a new chapter in his career, Mike Jones said: “It’s been an amazing 20 years and I am very proud with what we achieved with ASE and look forward to seeing it prosper as part of Valsoft.
“Now I have decided to take the opportunity to begin a new chapter within the fascinating, ever-changing world of automotive retail.
“There’s certainly a tidal wave of change coming and I look forward to utilising my retail and technology knowledge to help businesses navigate and prosper along that journey.
“Many thanks to all colleagues and customers, not least Trevor for having the vision to start ASE in 1975.”
In its statement, Valsoft said: “The ASE and Valsoft team wish to thank the founding shareholders Trevor, Beryl and Mike Jones for their dedication and contributions to building a premier name in the automotive space.”