(Sharecast News) – Halfords said on Wednesday that Japanese tyre company Bridgestone will take a 5% stake in its Avayler business for $3m in cash.
Avayler provides automotive ‘software as a service’ to the group, as well as to other global mobility clients.
Halfords said proceeds from the stake sale will be used for general corporate purposes, including to support the continued growth of Avayler.
The motoring and cycling products retailer also said it had agreed the terms of a master commercial agreement with Bridgestone to establish their business as an ongoing client of Avayler.
Halfords chief executive Graham Stapleton said: “Since its launch a little over two years ago, Avayler has been chosen by some of the largest automotive businesses in the world who have immediately realised the compelling value that it can add to their operations.
“Today’s investment from Bridgestone, one of the world’s largest mobility companies with over 3,000 garages and vans under its world-wide operation, is another fantastic endorsement for the platform, and the length and scope of the agreement fuels our confidence in Avayler’s long-term potential as we continue to roll it out to more clients around the world.”
