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Tekion Acquires Five64, Interstate And State Vehicle Registration Solutions Provider

PRIVATEJul 26, 2023•almost 3 years ago

Acquiring Company

Tekion

Acquired Company

Five64

PleasantonSoftware

Description

Tekion, innovator of the first cloud-native platform serving the entire automotive retail ecosystem, today announced its newest acquisition of interstate and state vehicle registration solution provider, Five64. This acquisition will help dealers, OEMs and industry channel partners accurately calculate tax, title & license to sell cars in-state and out of state and provide related services.

Company Information

Company

Tekion

Location

Pleasanton, California, United States

About

Positively disrupting an industry that has not seen disruption in over 50 years, Tekion has challenged the paradigm with the first and fastest cloud-native automotive platform that includes the revolutionary Automotive Retail Cloud (ARC) for retailers, Automotive Enterprise Cloud (AEC) for manufacturers and other large automotive enterprises, and Automotive Partner Cloud (APC) for technology and industry partners. Tekion connects the entire spectrum of the automotive retail ecosystem through one seamless platform. The transformative platform uses cutting-edge technology, big data, machine learning, and AI to seamlessly bring together OEMs, retailers/dealers, and consumers. With its highly configurable integration and greater customer engagement capabilities, Tekion is enabling the best automotive retail experiences ever.

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Based on deal data

Integration timeline

70% of M&A integrations take 12-24 months to complete

Tech stack consolidation

83% of merged companies consolidate technology vendors within first year

Post-acquisition investment

Companies increase IT spending by 23% on average after acquisitions

Success factor

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