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MarketScreener Homepage  >  Equities  >  Nasdaq  >  CDK Global, Inc.    CDK


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Francisco Partners : to Acquire International Business of CDK Global for $1.45 Billion

11/30/2020 | 08:39am EST

Unique Opportunity to Acquire Leading Provider of Automotive Retail Software in EMEA and Asia and Accelerate Product Development and Growth in Support of Industry Transformation

Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, announced today the execution of a definitive agreement with CDK Global, Inc. (Nasdaq:CDK) to acquire CDK’s International business segment (“CDKI”), a leading provider of automotive retail software solutions in EMEA and Asia, for $1.45 billion.

“The automotive retail experience is undergoing dramatic change. With its leading market position in EMEA and Asia, we believe CDKI is uniquely placed to support this transformation in these regions, and that by becoming a standalone company it will better be able to execute on this exciting opportunity,” said Petri Oksanen, Partner at Francisco Partners, who will join the CDKI board of directors upon closing of the transaction. “We look forward to working closely with the CDKI team and both their dealer and OEM customers – as well as the broader ecosystem – to provide the technologies and solutions needed through both organic development and add-on acquisitions to successfully deliver on this ongoing industry transformation.”

“We are impressed with the recent product developments and innovation at CDKI,” added Matt Spetzler, Partner at Francisco Partners, who will also join the CDKI board at closing. “We believe the CDKI team has a sound strategy and strong foundation to leverage towards the goal of becoming the future automotive retail software platform of choice. We will seek to utilize our substantial resources and experience in helping other similarly situated software companies to accelerate the realization of CDKI’s vision.”

“For the last two decades, first with ADP and then with CDK Global, CDKI has operated effectively as an independent unit with different products and solutions, customers, and geographies,” said Neil Packham, President, CDK Global International. “We are excited about the partnership with Francisco Partners and how we can accelerate our strategic journey and growth potential as an independent company. With its broad portfolio, Francisco Partners brings a wealth of transformation experience and relationships to benefit our business for the future opportunities and challenges we face. And like us, they believe in delivering excellent service and products and are committed to outstanding customer service.”

Francisco Partners is being advised by Portico Capital as its financial advisor, RL Frey Inc., and Paul Hastings LLP and Kirkland & Ellis as legal counsel. The transaction is subject to customary regulatory review.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has raised over $24 billion in committed capital and invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit franciscopartners.com.

About CDK Global

With $2 billion in revenues, CDK Global (NASDAQ:CDK) is a leading global provider of integrated information technology solutions to the automotive retail and adjacent industries. Focused on enabling end-to-end automotive commerce, CDK Global provides solutions to dealers in more than 100 countries around the world, serving approximately 30,000 retail locations and most automotive manufacturers. CDK solutions automate and integrate all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. Visit cdkglobal.com.

© Business Wire 2020
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Financials (USD)
Sales 2021 1 852 M - -
Net income 2021 220 M - -
Net Debt 2021 2 187 M - -
P/E ratio 2021 29,0x
Yield 2021 1,16%
Capitalization 6 291 M 6 291 M -
EV / Sales 2021 4,58x
EV / Sales 2022 4,20x
Nbr of Employees 9 000
Free-Float 75,5%
Duration : Period :
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Mean consensus BUY
Number of Analysts 6
Average target price 61,00 $
Last Close Price 51,70 $
Spread / Highest target 39,3%
Spread / Average Target 18,0%
Spread / Lowest Target 6,38%
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Managers and Directors
Brian M. Krzanich President, Chief Executive Officer & Director
Leslie A. Brun Non-Executive Chairman
Joseph A. Tautges Chief Operating & Financial Officer
Mahesh Shah Chief Product & Technology Officer, Executive VP
Kirsten E. Garen Chief Information Officer
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