CDK Global, a provider of dealer management software systems and integrated information technology solutions to the RV and retail automotive industries, has announced it is selling its CDK International business segment to Francisco Partners for $1.45 billion.
CDK expects the transaction to be completed during the third quarter of its fiscal year 2021, subject to closing conditions and regulatory approval.
“I am excited to announce this important milestone for CDK. With this transaction, we can now focus on executing the next phase of our growth journey and spotlight our attention on our North America business,” said Brian Krzanich, CDK president and CEO. “CDK has made significant progress over the last two years in strengthening and expanding our core business to be customer-centric and a leader in technology for our dealers, OEMs and partners and we have seen the positive results of our investment efforts. We are now well positioned to expand our activities and create new revenue streams with even stronger growth prospects.”
The company’s primary product serving the RV industry is its Lightspeed Dealership Management System (DMS).