Cox Automotive has bought Codeweavers, a provider of commerce solutions and finance software for dealers, carmakers and portals.
Codeweavers will sit alongside Cox Automotive’s existing digital marketing and retail solutions business, Modix, to build its presence as a provider of digital retail solutions for the automotive industry.
Established in 2002, Codeweavers started as the technology arm of a finance brokerage firm and became an independent business in 2012.
The company has successfully built the business during the last decade, developing a suite of solutions that support online digital retail services for vehicle manufacturers, dealers and lenders. It offers omni-channel solutions including new car stock locators, finance calculators, finance application, checkout and e-signing.
Martin Forbes, president of Cox Automotive International, said: “Today’s acquisition is an integral part of our strategy to help our customers develop a strong digital retail presence. We are incredibly excited that Codeweavers is joining the Cox Automotive family and look forward to supporting them during their next phase of growth.
“The pandemic has clearly shown the importance of having a compelling digital retail offering and the need for innovative online technology solutions has accelerated over the last year. We know that any effective new or used vehicle e-commerce platform must have extensive digital capabilities built-in and Codeweavers offers an impressive range of products and software in this area.
“The company is a leading provider in this space and their solutions are integrated into the websites of some of the largest automotive manufacturers and it has recently launched a full e-commerce solution for a major OEM. We’re looking forward to working with them to build on their current success in the UK and Europe.”
Codeweavers was advised by David Hendrick of UHY Hacker Young and Caroline Litchfield of Brabners Solicitors.
