Financial services firm Societe Generale has paid an undisclosed amount to buy one of its portfolio companies, France-based automotive purchasing services provider Reezocar, for an undisclosed amount.
Reezocar operates a service that links prospective buyers to used vehicle listings from a range of partners, handling the inspection, registration and delivery of the vehicle itself. The deal will enable it to access insurance services through Societe Generale subsidiary Societe Generale Assurances.
Another Societe Generale subsidiary, CGI Finance, had invested an undisclosed amount in the company in November 2018. Vehicle maintenance provider Mobiva’s Via ID unit had joined Kick Club and Kima Ventures to provide $3.5m two years earlier.
Claire Calmejane, chief innovation officer for Societe Generale, said: “Reezocar’s platform business model, its innovative positioning and the quality of its offer appealed to us because it strengthens our customer relationship promise. Synergies with our different businesses are numerous and allow us to go further in our open banking strategy.”
