Allianz X has agreed to acquire a majority stake in GT Motive, a company specialising in claims, maintenance, and breakdown estimation software in 28 countries, including the UK.
Allianz Group’s digital investment unit is acquiring the stake in GT Motive from current shareholders Mitchell and Einsa.
The deal will enable GT Motive to continue its global expansion, including in Europe, and fulfil its ambition to become an international leader in vehicle data and claims automation for the automotive repair industry, according to Allianz X.
Ángel Martínez, chief executive officer of GT Motive, commented: “Solid progress of a company like GT Motive demands a long-term vision and commitment, and GT Motive has found in Allianz X the best support for many years to come.”
“GT Motive’s role is to support insurers, repairers and car manufacturers in the claims and repair process, and we will continue loyal to our purpose of contributing with innovative, open and collaborative technology to return the cars back to the road efficiently and in optimum safety conditions.”
Dr Nazim Cetin, chief executive officer of Allianz X, added: “GT Motive provides highly-accurate data at competitive prices and one of the most integrative, customer-centric platforms on the market.”
“We see enormous potential to scale it up into a hard-hitting heavy-weight. All it needs is some more muscle behind it—and that’s where Allianz X can help.”
The Einsa founding group will remain a minority shareholder in GT Motive, maintaining the current management team.
The acquisition is subject to customary closing conditions, including applicable regulatory clearance.