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(Sharecast News) - Software company Pinewood Technologies said on Wednesday that it has agreed to be taken over by technology investor Ridgeview Partners in a £545m deal.
Under the terms of the transaction, Ridgeview will pay 448p per share - a premium of 43% to the closing share price on 23 July, which was the last trading day immediately prior to the start of the offer period.
Pinewood chief executive Bill Berman said: "I am extremely proud of everything we have achieved since Pinewood.AI became a standalone technology business in 2024. We have created a strong platform for future growth and we are confident in the significant global opportunities ahead, particularly in North America.
"Realising the full potential of the business now requires continued investment, innovation and execution at scale, and we know that Ridgeview is the right partner to support us through this next exciting chapter."
Hilton Romanski, co-founder of San Francisco-based Ridgeview, said: "Pinewood.AI is a proven innovator and domain expert that has built a leading platform with unique technology that is well-positioned to expand into new and attractive markets. We are confident that with Ridgeview's backing, the team will be better positioned to realise Pinewood.AI's full potential."
Pinewood is a cloud-based full-service technology provider to automotive retailers and original equipment manufacturers (OEMs).
At 1115 BST, the shares were up 4% at 444p.
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