Retail automotive technology provider CDK Global acquired Roadster, a US-based automotive e-commerce tool provider backed by insurance firm Liberty Mutual, on Wednesday for a price indicated by a securities filing to be $360m.
Founded in 2013, Roadster has developed an online platform which enables automotive dealerships to sell vehicles through any device and also provides digital tools that support the work of sales agents. The acquisition will allow CDK to provide an end-to-end solution for selling new and used cars online.
Brian Krzanich, CDK’s president and CEO, said: “Roadster’s consumer-focused approach and innovative technology will significantly contribute to our modern retailing efforts to create a seamless omnichannel vehicle-buying process that puts dealers at the heart of the relationship.”
Venture capital firm Costanoa Ventures led a $15m funding round for Roadster in 2018, after also leading a $7m round the year before. It had received $1.8m in seed funding from assorted private investors in 2015.
Liberty Mutual’s investment subsidiary, Liberty Mutual Strategic Ventures, lists Roadster as a portfolio company on its website, as do VC firms Kima Ventures, Aslanoba Capital, Trucks Venture Capital and Counterview Capital as well as investment firm FJ Labs.