Business

Allianz X to acquire majority stake in GT Motive

The firms said the alliance aims to ‘accelerate’ the global expansion of GT Motive

Allianz X (Allianz Group) has announced an agreement to acquire a majority stake in GT Motive from current shareholders Mitchell and Einsa.

GT Motive specialises in claims, maintenance, and breakdown estimation software for the automotive sector.

The firms said the alliance continues to support the global expansion of GT Motive and “accelerates the company’s ambition to become an international leader in vehicle data and claims automation for the automotive repair industry”.

Ángel Martínez, CEO of GT Motive, said: “Solid progress of a company like GT Motive demands a long-term vision and commitment, and GT Motive has found in Allianz X the best support for many years to come.

“GT Motive’s role is to support insurers, repairers and car manufacturers in the claims and repair process, and we will continue loyal to our purpose of contributing with innovative, open and collaborative technology to return the cars back to the road efficiently and in optimum safety conditions.”

Dr. Nazim Cetin, CEO of Allianz X, added: “GT Motive provides highly-accurate data at competitive prices and one of the most integrative, customer-centric platforms on the market.

“We see enormous potential to scale it up into a hard-hitting heavy-weight. All it needs is some more muscle behind it—and that’s where Allianz X can help.”

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