OPUS IVS ACQUIRES AUTOENGINUITY
The acquisition of AutoEnginuity will further enhance DrivePRO vehicle coverage for nearly all vehicles sold in the Australian market
In January, Drew Technologies (Drew Tech) an Opus IVS division company, acquired US-based AutoEnginuity for a purchase price of approximately USD 20 million (approximately 29 million AUD) on a cash-free and debt-free basis. All conditions for completion of the acquisition of AutoEnginuity have been met.
AutoEnginuity, founded in 2003 and headquartered in Mesa, Arizona, has developed into a leader in advanced aftermarket automotive vehicle diagnostics software and associated vehicle make/model coverage for 56 vehicle brands, including all important US, European and Asian brands.
The combined Opus IVS companies serve an existing customer base of 50,000 automotive repair shops globally, by providing market leading vehicle diagnostics and vehicle communication offerings to address the trend of increased vehicle digitalisation and automation.
With the acquisition, AutoEnginuity becomes a subsidiary of Drew Tech, managed under the Opus IVS division. AutoEnginuity management signed multi-year employment agreements; all staff are expected to continue working under the Opus ownership.
This acquisition brings the total Opus IVS offices to seven, with US locations in New York, Michigan, California, North Carolina and Arizona; and others in the UK and Australia.
“We are excited about the acquisition of AutoEnginuity due to the company’s status as a leader in multi-brand advanced automotive diagnostics and it being widely used in the US collision scanning market. We see a great fit with our existing products and services in the Opus IVS division,” Opus Chief Executive Officer, Lothar Geilen, said.
“Building on Autologic’s European diagnostics technology and support services, Opus IVS can now expand its products and services lineup to cover all brands within the US market.
“I want to express a warm welcome to the employees at AutoEnginuity. We are looking forward to having the AutoEnginuity employees become a part of the Opus family.”
Autologic Diagnostics opened Australian Operations in late 2012 with a focus on European Vehicle Diagnostic software and support. Opus acquired Autologic in June 2017 and brought together several Opus companies under the one division, Opus Intelligent Vehicle Support. Vehicle coverage expanded recently with the launch of DrivePRO diagnostic tool.
DrivePRO is said to include the very best vehicle software and hardware in the industry from Autologic, Drew Technologies and Farsight, all companies within the Opus IVS division. The acquisition of AutoEnginuity to join the family of diagnostic companies within the opus IVS division, will further enhance the DrivePRO vehicle coverage for nearly all vehicles sold in the Australian market.