Automotive services provider Manheim has taken a controlling stake in IT company Kingfisher Systems (Scotland) for an undisclosed sum.
Kingfisher, which has worked previously with Manheim on online auction platform Simulcast, will continue to trade independently after the deal, which follows Manheim’s recent acquisition of EVS Online Auctions.
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John Bailey, chief executive of Manheim Europe, said: "As the pace of technological change continues to accelerate in the automotive aftermarket, the need to invest in people, know-how and systems become an increasingly important strategic issue.
"This investment into Kingfisher creates a ‘triple-win’ situation for our customers, Kingfisher and Manheim alike. While Kingfisher benefits from new financial investment to power its R&D, Manheim is able to rapidly deploy a range of exciting technologies to benefit sellers and buyers in the used vehicle market."
Kingfisher’s current management team, including managing director Ian Fisher, will remain in charge of the company.
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