LONDON, July 6, 2021
LONDON, July 6, 2021 /PRNewswire/ -- Keyloop, a leading global supplier of technology solutions to the automotive industry, has today announced its acquisition of MotorDocs, the provider of digital documents specifically designed for automotive retail and aftersales. The news marks another important step forward in Keyloop's ambition to be the leading technology provider for automotive dealers and OEMs.
Keyloop launched in March this year after being acquired by Francisco Partners, a leading global investment firm that specialises in partnering with technology businesses. At the time, Keyloop stated its intention to move swiftly to achieve its mission of transforming the car buying and ownership experience. This acquisition is its third since March after enquiryMAX and RAPID RTC.
Founded in 2014, MotorDocs is headquartered in Whitchurch, Hampshire, UK. Its digital document management solutions are used by over 600 dealer sites in the UK and Ireland and it counts a number of the largest groups in the industry as its customers.
The company has two key product offerings; iDealFile and iServiceFile, which provide retailers with tools to digitise key documentation in the sales and aftersales departments. They allow dealers to transform their unsecured, manual, paper-based sales and service documents into secure, digitally signed documents. The result is improved efficiency, minimised print costs and improved environmental credentials, all of which contribute to a better customer experience.
Keyloop currently acts as a reseller of MotorDocs products in the UK, under the brand of "Keyloop Documents." Bringing MotorDocs under Keyloop ownership gives the combined company the opportunity to further enhance its document management offering through closer integration with Keyloop's other products.
Tom Kilroy, CEO, Keyloop, comments:
"We are excited to welcome MotorDocs into the Keyloop family. Digital documents are what car buyers and owners really want. In fact, 60% of UK automotive consumers tell us that they would prefer all documentation in the dealership to be digitally signed and stored. Consumers also are looking to businesses to be more environmentally friendly and retailers who move to digital document management for their aftersales operations are able to cut paper usage by 80%. We want to help dealers to meet these customer demands and to be more efficient by digitalising their operations. MotorDocs has one of the most sophisticated solutions on the market, with a strong UK presence and growing international interest. We are therefore delighted to be able to bring MotorDocs into Keyloop to accelerate that work we are doing with our dealer customers."
Andy Mee, Managing Director, MotorDocs, comments:
"We have always enjoyed a great relationship with Keyloop and we are all thrilled to be joining the team. We look forward to working with Keyloop to continue to innovate our solutions and transform the automotive retail industry for the better."
Keyloop's mission is to create and connect technology that advances the car buying and ownership experience in partnership with dealers and OEMs. It is a leading global provider of software solutions to the auto retail industry, serving approximately 18,000 dealer sites and most automotive manufacturers, in 100 countries. Headquartered in the UK, Keyloop also has operations across EMEA and Asia. For more information, please visit www.keyloop.com.
MotorDocs is transforming document management in the automotive industry. Its cloud-based platforms help dealerships remove huge volumes of paperwork and introduce a wider range of security, productivity, financial compliance, and environmental benefits. MotorDocs products include iDealFile, which creates and manages post-sales documentation and iServiceFile, which manages documentation for service and repairs. For more information visit www.motordocs.co.uk.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $25 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.