|By PR Newswire||
|January 3, 2014 07:00 AM EST||
ATLANTA and PROVIDENCE, R.I., Jan. 3, 2014 /PRNewswire/ -- Cox Enterprises, Inc. and Providence Equity Partners announced today a definitive agreement by which Cox has acquired Providence Equity's 25 percent equity interest in AutoTrader Group. Cox Enterprises now holds a 98 percent stake in AutoTrader Group, with the remainder being held by current and former employees. Financial terms of the transaction were not disclosed.
"With more than 32 million monthly visitors to our industry-leading sites AutoTrader.com and KBB.com, AutoTrader Group continues to grow as a trusted and valued online automotive resource for customers across the nation. Our portfolio of media advertising and software products serves more than 27,000 dealer relationships, and we are confident we will continue to lead the way in connecting automotive dealers with the car-buying public," said Cox Enterprises' President and CEO John Dyer. "We have greatly appreciated Providence's strong contributions to the company's exceptional performance as a partner in this growth."
Providence Equity acquired a 25 percent stake in AutoTrader in 2010 to help accelerate the company's growth. Since that time, AutoTrader acquired Haystak Digital Marketing, HomeNet Automotive, Kelley Blue Book, vAuto and VinSolutions. The collective companies now constitute AutoTrader Group.
"We are extremely gratified to have partnered with Cox and the AutoTrader team," said Providence's Managing Director Michael Dominguez. "Through strategic acquisitions and the introduction of dealer software solutions, they have advanced the original vision of the company and created a game changer. AutoTrader has redefined the online auto marketplace and the entire auto shopping experience for the better. It exemplifies the type of media company we seek to invest in around the world. We are proud to have contributed to its growth and believe the company has a very bright future ahead."
AutoTrader Group is the nation's largest digital automotive marketplace and provider of marketing and software solutions to automotive dealers throughout the U.S. The company touches more than 62 percent of in-market automotive shoppers. AutoTrader Group also holds a 21.8 percent stake in Bitauto, a leading provider of Internet content and marketing services for China's fast-growing automotive industry.
"Since we launched AutoTrader.com 15 years ago, we have worked tirelessly to meet the needs of our customers by expanding our online and software products. With this acquisition, Cox Enterprises and AutoTrader Group will continue to look for opportunities to grow our leadership position and further innovate ways to meet the needs of car buyers," said Dyer.
Cox Enterprises also owns and operates Manheim, the leading global provider of vehicle remarketing services. Manheim pioneered in-lane vehicle auctions and has been an innovator in both digital and mobile auction platforms. The company registers nearly eight million used vehicles annually, facilitating transactions representing more than $50 billion in value.
Manheim markets Simulcast, Simulcast Everywhere, OVE.com, NextGear Capital, Total Resource Auctions, Manheim Frontline, Ready Auto Transport, Manheim Consulting and other respected brands to the remarketing industry in 14 countries, including Australia, Turkey and the United Kingdom.
About Cox Enterprises:
Cox Enterprises is a leading communications, media and automotive services company. With revenues of more than $15 billion and more than 50,000 employees, the company's major operating subsidiaries include Cox Communications, Inc. (cable television distribution, telephone, high-speed Internet access, commercial telecommunications and advertising solutions); Manheim, Inc. (vehicle auctions, repair and certification services and web-based technology products); AutoTrader Group (media and software subsidiaries including AutoTrader.com, Kelley Blue Book, vAuto, Vin Solutions, Haystack and HomeNet Automotive); and Cox Media Group, Inc. (television and radio stations, digital media, newspapers, advertising sales rep firms, Valpak and Cox Digital Solutions). Additionally, Cox operates Kudzu.com.
About AutoTrader Group:
AutoTrader Group operates the largest digital automotive marketplace in the U.S. and is a leading provider of software solutions to automotive dealers throughout the nation. AutoTrader Group's mission is to dramatically improve the way people buy and sell new and used cars. Through its AutoTrader.com and Kelley Blue Book websites, AutoTrader Group offers consumers empowering tools, content and information that increase their confidence in the car buying process. In addition, through its Software Solutions business, AutoTrader Group helps dealers source, appraise, manage, price and market their inventory, and helps them manage their consumer relationships. AutoTrader Group is headquartered in Atlanta, Ga.
About Providence Equity Partners:
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, communications, education, and information companies around the world. In total, the firm's principals manage funds with $37 billion in commitments and have invested in more than 130 companies globally since the firm's inception in 1989. Providence's past and current media related investments include The Chernin Group, Digiturk, Hulu, Ironman, Kabel Deutschland, Learfield Communications, MLS Media, ProsiebenSat.1, UFO Moviez India, Univision, Warner Music Group, Yankees Sports & Entertainment Network, and ZeniMax Media. Providence is headquartered in Providence, RI and also has offices in New York, London, Hong Kong, Beijing, and New Delhi. Visit www.provequity.com for more information.
SOURCE Cox Enterprises, Inc.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Mar. 29, 2015 01:45 PM EDT Reads: 4,650
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Developer Advocate at SoftLayer, will break down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them t...
Mar. 29, 2015 01:15 PM EDT Reads: 1,422
DevOps is all the rage these days and with good reason as it promises to reduce the time-to-market for new applications. It also promises to improve change management, allowing teams to deploy changes to their applications quickly and efficiently. However, DevOps isn’t something you buy, install, or implement; rather it is the symptom of an appropriate organizational system. In his session at DevOps Summit, Mark Thiele, EVP, Data Center Technologies at SUPERNAP International, will discuss how ...
Mar. 29, 2015 01:00 PM EDT Reads: 1,358
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Mar. 29, 2015 12:45 PM EDT Reads: 2,410
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
Mar. 29, 2015 12:45 PM EDT Reads: 1,204
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
Mar. 29, 2015 12:00 PM EDT Reads: 1,430
Plutora provides enterprise release management and test environment SaaS solutions to clients in North America, Europe and Asia Pacific. Leading companies across a variety of industries, including financial services, telecommunications, retail, pharmaceutical and media, rely on Plutora's SaaS solutions to orchestrate releases and environments faster and with integrity. Products include Plutora Release Manager, Plutora Test Environment Manager and Plutora Deployment Manager.
Mar. 29, 2015 11:15 AM EDT Reads: 1,578
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud....
Mar. 29, 2015 11:00 AM EDT Reads: 1,401
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Ras...
Mar. 29, 2015 11:00 AM EDT Reads: 2,082
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
Mar. 29, 2015 11:00 AM EDT Reads: 980
Mar. 29, 2015 10:45 AM EDT Reads: 1,480
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
Mar. 29, 2015 10:30 AM EDT Reads: 1,065
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
Mar. 29, 2015 10:00 AM EDT Reads: 1,617
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
Mar. 29, 2015 09:00 AM EDT Reads: 1,386
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 29, 2015 09:00 AM EDT Reads: 1,554