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Friday, 24 January 2020 17:33

Drew Technologies Acquires AutoEnginuity for $20M

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In January, Drew Technologies, a subsidiary of Opus IVS, announced that it had paid $20M for AutoEnginuity, a competitor in the collision repair scan tool market.

“[AutoEnginuity is] widely used in the U. S. collision scanning market,” Drew Technologies wrote in their release.

 

“Their broad coverage and diagnostic depth represent an interesting growth potential for Opus IVS.”

 

Opus CEO Lothar Geilen said, “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.

 

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.”

 

AutoEnginuity offers advanced aftermarket vehicle diagnostics for 56 OEM brands, “including all important U.S., European and Asian brands.”

 

Drew also reported that, in 2019, AutoEnginuity brought in $4M worth of revenue with earnings of approximately $2.3M before interest, taxes, depreciation and amortization.

 

The acquisition is expected to increase Opus’ EBITA by at least 5% in 2020. Drew paid $10M at closing and will pay $5M for each of the next two years with the possibility of increasing the amount based on AutoEnginuity’s performance, according to Drew Technologies.

 

Clients of AutoEnginuity should expect continued access to their current representatives as the company’s management has signed employment agreements with Drew that extend for several years, and AutoEnginuity’s staff is expected to continue employment under Opus leadership as well.

 

Geilen stated, “We are looking forward to having the AutoEnginuity employees become a part of the Opus family.”

 

Opus IVS division President Brian Herron added, “As Opus IVS continues to expand its products and coverage into new markets, AutoEnginuity will allow greater vehicle coverage and support for more diagnostic platforms.

 

By adding the AutoEnginuity diagnostic coverage to our DrivePro platform, Opus IVS repair customers will soon have more capability.

 

Leveraging AutoEnginuity diagnostic coverage will solidify the DriveCrash platform as a technology leader for the U.S. collision scanning industry.”

 

For more information on AutoEnginuity, visit: http://www.autoenginuity.com.

For more information on Opus IVS, visit: http://www.opusivs.com/

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