Proactive Investors - Japanese tyre giant Bridgestone is to take a 5% stake in Halford Group’s Avayler business and has also signed a deal to become a long-term customer of the software developer.
Ayaler’s software allows garages, mobile vans and retail stores to manage repairs and digitalise items such as booking and invoicing.
Developed in-house, customers already include Tirebuyer in the US and Mobivia in Central Europe.
Bridgestone will pay US$3 million for its stake, valuing Ayaler at US$60m (or £49m) compared to a market value overall of £450m.
Graham Stapleton, Halfords (LON:HFD) chief executive, 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 worldwide 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.”
Avayler made a loss of £74,000 in the financial year ending March 2023.