Capital One Growth Ventures is set to exit the vehicle retail analytics provider in a cash-and-stock acqusition by Vroom.
Automotive e-commerce platform Vroom agreed yesterday to acquire Vast Holdings, the US-based owner of automotive retail analytics provider CarStory, in a $120m deal allowing financial services firm Capital One to exit.
The amount will be made up of about 60% cash and 40% stock, though final amounts are yet to be set. Vast had revealed a total of $18.2m in funding since being founded in 2005.
CarStory is a big data-equipped software platform that analyses data from millions of vehicle listings to provide detailed analytics covering automotive retail. It will strengthen Vroom’s predictive market data capabilities post-acquisition.
Capital One invested $14m in the company in 2016 through subsidiary Capital One Growth Ventures, and Leapfrog Ventures, NextStream Capital and Hit Forge are also among its backers.
Paul Hennessy, Veoom’s chief executive, said: “At Vroom, we’ve built a platform made for scale and driven by data.
As car buyers and sellers across the country increasingly turn to e-commerce solutions, CarStory will strengthen and extend the reach of our digital retailing platform, and together we will accelerate the transformation of the massive used auto industry.”
