PureCars Completes Spinout with Diversis Capital and Stage 1 Ventures
ATLANTA, May 7, 2019 /PRNewswire/ -- PureCars, a leader in marketing automation and business intelligence for the automotive industry, today welcomes Diversis Capital, LLC, and Stage 1 Ventures, LLC as new strategic investors. The acquisition was part of a spinout from Raycom Media as a result of their merger with Gray Television.
"The new ownership is great for PureCars as it allows us to accelerate our advancement in product, technology, data, and our insatiable commitment to customer service excellence," said Samuel Mylrea, CEO of PureCars. "We are driven by the tremendous opportunity for our data and technology platform to help dealers improve operations, customer acquisition, retention, and ultimately drive more customer lifetime value and profitability. I believe Diversis and Stage 1 Ventures will help us fully realize this opportunity faster."
Founded in 2007, PureCars has grown into one of the most successful automotive technology companies, serving dealerships and auto groups across the US and Canada. The company continues to build on its early success, providing high performance technology solutions that enable dealers to optimize operational efficiency and increase revenue from variable and fixed operations.
"We've spent a lot of time looking at technology-driven solutions in the automotive space. PureCars not only stood out because of their market-leading technology platform, but also the management team's dedication and passion for solving the mass deficiencies in the industry. After surveying the market landscape and spending time with customers, acquiring PureCars was a really easy decision for us," said Kevin Ma, Managing Director at Diversis.
Stage 1 returns to the table a second time, as they were the first institutional investor in PureCars. Stage 1 led the round in 2012 and was part of the sale to Raycom in 2015. The company has grown more than 4x since that time.
"It was a pleasure partnering with PureCars previously and I'm excited for the opportunity to work with them again after they've undergone so much growth," said David Baum, Managing Director of Stage 1 Ventures. "We're eager to work with their outstanding leadership team to accelerate growth through best-in-class technology solutions and unrivaled customer service."
Diversis and Stage 1 will provide substantial growth capital to further expand PureCars' product offerings via internal development and acquisitions. The company will continue to focus on delivering industry-leading marketing automation and business intelligence software to dealers; finding new and innovative ways to help dealers and auto groups increase market share, return on ad spend and overall profitability.
"Over a decade ago I founded PureCars to solve mass deficiencies within automotive and help dealers sell more cars. Since day one, we've stayed true to that mission by building best in class tech, and having a fantastic team around it, which allowed us to become the industry leader. I'm excited about this new chapter and our new owner's commitment to providing PureCars with the financial support to innovate even faster and pursue key strategic acquisitions to enhance our product and our dealers sell and service more cars by using PureCars," said Jeremy Anspach Executive Chairman of PureCars.
About PureCars
Founded in 2007, PureCars unlocks dealerships full sales potential with data-driven, multi-channel technology solutions and expert digital strategy teams. By utilizing its extensive data library and proprietary technology, PureCars' marketing automation and business intelligence solutions enable dealers to capture more customers, optimize spend efficiency and maximize profitability. To learn more about PureCars visit www.purecars.com.
About Diversis
Founded in 2013, Diversis Capital, LLC ("Diversis") is a software and technology focused private equity fund that invests in lower and middle-market companies, targeting situations where it can add unique value in helping a company reach the next level. With a collaborative approach to investing, its operating partners and strategic advisors work alongside management teams to help build successful organizations positioned for long-term growth.
About Stage 1 Ventures, LLC
Stage 1 Ventures, LLC was founded in 2005 and has invested over $200M in 22 late-stage growth companies. Stage 1 does a combination of primary and secondary investing as well as seed investing. Stage 1 looks for high growth companies that are led by passionate entrepreneurs in ag-tech, cloud, mobile, auto, consumer and enterprise software spaces.
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SOURCE PureCars
