Alma Media acquires Netwheels Oy, a provider of car sales software
Alma Media Corporation Press release 18 January 2024
ALMA MEDIA ACQUIRES NETWHEELS OY, A PROVIDER OF CAR SALES SOFTWARE
Alma Media has signed an agreement with the owners of the automotive industry software company Netwheels Oy to purchase the company's share capital to strengthen its car and transport services offering to corporate customers. Netwheels Oy provides software as a service (SaaS) to automotive industry.
In 2023, the revenue of Netwheels Oy was about MEUR 8, and the company employs 29 people who will become employees of Alma Media Group. The acquisition is expected to be completed by the end of January 2024, after which Netwheels Oy will be reported as part of the Alma Consumer business segment. The majority owner of Netwheels Oy is Sanoma Media Finland Oy and in addition, the owners include eight Finnish operators from automotive sector. The parties have agreed not to disclose the purchase price.
Established in 2000, the business operations of Netwheels include software and information technology services related to vehicle retail, pricing, and imports. The company's services enable car retailers to digitalise their trade-in cars exchange, making distribution to sales channels easier and inventory management more efficient. Netwheels also produces the Autohuuto.fi service for B2B vehicle auctions, price list services for new cars, and the Mittaristo service for car market data.
"Alma Media develops its offering according to the strategy into new digital products and services that complement customers' needs and cover the entire value chain, from sales systems to transactions. Netwheels complements Alma Media's car and transport services for corporate customers superbly," says Kai Telanne, CEO of Alma Media.
"The digitalisation of the car business requires the interoperability of data flows and systems. The acquisition will contribute to the development of our marketplace and system business by streamlining the purchase and sales processes of vehicles and by offering versatile digital solutions to car retailers, importers, financing companies, application developers, and other operators in the automotive sector," says Santtu Elsinen, Senior Vice President, Alma Consumer.
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Alma Media in brief
Alma Media is an international company of digital media, marketplaces and services with a strong capacity for renewal. We inspire human curiosity and choice by creating services that combine technology and content with a local heart. In Finland, our best-known brands include Kauppalehti, Talouselämä, Iltalehti, Jobly, Etuovi.com, Nettiauto and Nettimoto. Our recruitment services include prace.cz and jobs.cz in the Czech Republic, Profesia.sk in Slovakia and mojposao.net in Croatia.
In Finland, our business operations include leading housing and automotive marketplaces, financial and professional media, national consumer media and content and data services for businesses and professionals. Alma Media’s international business in Eastern Central Europe, Sweden and the Baltic countries consists of recruitment services and an online marketplace for commercial properties.
Alma Media operates in 12 countries in Europe and employs approximately 1,700 professionals. Alma Media’s revenue from continuing operations was EUR 309 million in 2022 of which the share of digital business was 81%. Alma Media’s share is listed on NASDAQ Helsinki. Read more at www.almamedia.fi/en/.
- Published: 18.1.2024, 09:00
- Category: Press release