IHS Markit, a world leader in information, analytics and solutions, has announced the acquisition of automotiveMastermind Inc., a provider of predictive analytics and marketing automation software for the automotive industry.
Founded in 2012, automotiveMastermind currently provides U.S. automotive dealers with behavior prediction analytics software and marketing solutions that improve the vehicle purchase process and results. The company’s cloud-based technology helps dealers precisely predict automobile-buying behavior and automates the creation of micro-targeted customer communications, leading to proven higher sales and more consistent customer retention.
“The acquisition of automotiveMastermind opens up a key new market for IHS Markit, and increases our presence in the vehicle retail space,” said Jerre Stead, chairman and CEO, IHS Markit. “It’s an excellent strategic fit for us within our overall portfolio, and helps to fill out our existing offerings by leveraging predictive analytics to improve the buyer experience. We now deliver unparalleled insight and analytics across the automotive life cycle: from vehicle strategy and product planning, to vehicle sales, marketing and repair.”
“Through our core automotive assets, which includes CARFAX, we already provide our global automotive customers with a comprehensive suite of information services and analytics,” said Jonathan Gear, executive vice president of transportation and resources for IHS Markit. “The addition of automotiveMastermind extends our capabilities further. It enables us to deliver a powerful set of tools – including data aggregation and analytics driven by machine learning – that will help OEMs and dealers sell cars more effectively.”
“We could not be more excited since there is no better partner to help us realize our vision of radically transforming the traditional consumer purchase journey,” said Marco Schnabl, co-founder of automotiveMastermind. “The vast resources offered by IHS Markit will help us achieve that vision faster.”
Co-founder Johannes Gnauck said, “Our behavior prediction technology will be exponentially richer by leveraging the wealth of IHS Markit data assets.”
Currently, automotiveMastermind works with dealers across 15 automotive brands. The company is headquartered in New York City with a product innovation hub in San Francisco.
IHS Markit acquired approximately 78 percent of automotiveMastermind for a purchase price of approximately $392 million, which can increase up to $435 million tied to underlying business performance. IHS Markit will acquire the remaining 22 percent over the next five years based on valuation tied to underlying business performance.
automotiveMastermind’s exclusive financial adviser is Jefferies LLC and legal adviser is Goodwin Procter LLP.
For more information, visit automotivemastermind.com.