Dubai - Sharikat Mubasher: Emergence, a dedicated permanent equity partner based in San Francisco, fully acquired AlgoDriven, a leading Dubai-based automotive AI and data platform, in a 100% cash transaction.
The new investment will be used to add deeper, advanced AI capabilities across the AlgoDriven platform, allowing dealers to autonomously value, buy, and sell used cars, the company announced in a statement today.
This transaction is Emergence’s fourth automotive data company acquisition in the last 18 months. It will allow Emergence to drive expansion into both the US and LATAM markets.
Glenn Harwood, CEO & Co-Founder of AlgoDriven, said: “We are delighted to complete this exciting deal and to take the next step of AlgoDriven’s growth journey with the ownership and backing of Emergence and The Pritzker Organization. We are proud that a UAE-based company, which has expanded internationally and profitably, has attracted a suitor from the world’s leading economy and one of its most renowned business families.”
Meanwhile, Henry Zhang, CEO of Emergence, commented: “We are investing in a proven market leader in AI-powered automotive data, and are delighted to complete this transaction with AlgoDriven. Glenn and his team have built a platform relied upon internationally by dealerships representing the world’s most recognizable car brands. “
AlgoDriven is a leading automotive AI platform providing cutting-edge, proprietary technologies to help car dealerships and automotive industry participants inspect, appraise, and value used cars. It offers a full suite of products to cover vehicle specification data, appraisal, evaluation, inspection, residual value forecasting, and more.
