International business of CDK Global becomes Keyloop
LONDON, 1 March 2021 – Today, Francisco Partners (FP) completed its acquisition of CDK Global International, a former division of CDK Global (NASDAQ CDK) for $1.45 billion. CDK Global International has now been established as an independent business named Keyloop.
The acquisition by FP, a leading global investment firm that specializes in technology businesses, represents its conviction that Keyloop is uniquely positioned to help those involved in the automotive sector, both dealers and OEMs, respond to major changes over the coming decade as they transform the automotive retail experience.
Tom Kilroy is joining Keyloop immediately as the new CEO. Neil Packham, former CEO of CDK Global International, will continue to support the business in an advisory capacity as it moves forward. Tom Kilroy joins from FP, where he was an Operating Partner. Prior to this, he held the position of Chief Operating Officer of Finastra; a fintech company with over 10,000 employees and revenues of ~$2 billion. He brings deep experience of best-practices from global technology businesses providing mission-critical software.
Keyloop intends to move swiftly and decisively to deliver on its mission of transforming the car buying and ownership experience, in partnership with dealers and OEMs. The automotive retail experience is rapidly changing, with the development of connected cars, new retailing models and greatly increased digital engagement; and Keyloop is poised to play a pivotal role in this evolution.
Tom Kilroy comments on today’s announcements:
“Keyloop’s strong performance, impressive history and brilliant people are the key attributes that made it such an attractive company. FP acquired Keyloop not only because it recognized the superior product portfolio it has today, but also the potential for innovation in one of the world’s most critically important and rapidly evolving industries.”
“We have all seen how technology players have set new standards for exceptional digital retail experiences. Now automotive consumers are starting to demand the same. As dealerships attract and serve the next generation of car buyers, digital transformation must be top of their agenda, and Keyloop will be the partner to help both them and the OEMs achieve this.”
“We are launching our company as Keyloop with the goal of enhancing the automotive customer experience for the better.”
Keyloop’s mission is to create and connect technology that advances the car buying and ownership experience in partnership with dealers and OEMs. It is a leading global provider of software solutions to the auto retail industry; serving approximately 16,000 dealer sites and most automotive manufacturers, in over 90 countries. Headquartered in the UK, Keyloop also has operations across EMEA and Asia. For more information, please visit www.keyloop.com.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $25 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.