UK-based Pinewood Technologies has acquired Dubai-headquartered automotive AI startup Seez for $42 million, it announced today. With the deal, it is acquiring a 90.9 percent stake in the firm, to complete the 100 percent acquisition of the firm. Pinewood acquired the remaining 9.1 percent stake in the Dubai startup through a strategic investment of $4.2 million in September 2024.
Founded in 2016 by Tarik and Andrew Karabit, Seez provides AI chatbots and omnichannel products for automotive retailers. The startup, which also has an office in Copenhagen, serves over 1,300 dealer locations across Europe and MENA.
Pinewood, which provides cloud-based software solutions to automotive retailers and OEMs across 21 countries, plans to use the acquisition to enhance its AI capabilities, particularly in customer service, sales support, vehicle appraisal, and inventory management. The company aims to leverage Seez’s technology to better serve North American dealers, where 80 percent already use AI tools.
The deal includes $22.8 million in cash consideration, $3.9 million for ESOP options holders, and $6.6 million in Pinewood shares. The former Seez shareholders receiving shares will be subject to a six-month lock-up period.
Tarek Kabrit, co-founder and CEO of Seez, said, “We are thrilled to join forces with Pinewood at such a pivotal moment in the automotive industry. By combining our advanced AI-driven solutions with Pinewood’s proprietary data and deep dealer integrations, we are creating a next-generation platform that will empower dealerships with smarter, more efficient tools to drive growth.”
“This acquisition not only accelerates Pinewood’s expansion into the North American market but also enables us to collectively redefine how dealers interact with technology, streamline operations, and enhance customer experiences. The future of automotive retail is intelligent, autonomous, and data-driven—together, and we couldn’t have asked for a better partner to make that future a reality,” he added.
Bill Berman, CEO of Pinewood, said, “Seez is an outstanding company that has developed highly sophisticated AI and machine learning products that are increasingly critical tools for the automotive retail market and they are highly complementary to our own Automotive Intelligence Platform.”
Seez had previously raised $18 million since pivoting to a SaaS model. Its investors include B&Y Venture Partners, Phoenician Funds, Wamda Capital, and Nuwa Capital. The startup started as an automotive marketplace in Lebanon but later pivoted into a SaaS for automotive retailers and moved its headquarters to UAE.
The transaction is expected to close around March 19, 2025, subject to certain conditions.
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