Providence-backed Imaweb bolts on Procar

With this add-on, Imaweb plans to consolidate its presence in the DACH region, broaden its customer base and accelerate its international expansion. The company intends to create an aggregation platform for future consolidation in the highly fragmented car dealer software segment.

According to the deal, Procar's co-founders, Volker Holthaus and Karl-Heinz Schlapp, will continue to manage the business under Imaweb's ownership. 

This add-on follows the acquisition of Spanish software developer Serinfer Servicios Informáticos, bought by Imaweb in July 2020.

Providence acquired a majority stake in Madrid-headquartered Imaweb in May 2019. Subsequently, the GP bought I'Car Systems-DataFirst Group (IDF), a French software developer for automotive manufacturers and dealers, from Argos Wityu in September 2019, and merged the two companies.

The GP invested from Providence Strategic Growth IV, which held a final close on $2bn in September 2019. The fund focuses on growth equity investments in lower-mid-market software and technology-enabled service companies.

Company
Founded in 1998, Procar provides software for the automotive industry across the DACH market.

Its customer base includes 1,000 dealers of automotive brands such as Toyota, BMW, Skoda, Seat, Volkswagen, Audi, Ford, Renault and Nissan. 

People
Procar – Volker Holthaus, Karl-Heinz Schlapp (co-founders).
Imaweb – Patrick Prajs (CEO).

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