On the heels of introducing a solution aimed to turn high volumes of industry information into easy-to-understand, actionable insights for dealers, OEMs and third-party software developers, CDK Global on Monday completed the acquisition of Austin, Texas-based Square Root for an undisclosed amount.
The acquisition is viewed as an accelerator for Neuron, which CDK says can empower dealers and OEMs to sell and service more vehicles by helping them create more personalized and differentiated customer experiences.
Founded in 2006, Square Root is the creator of CoEFFICIENT, which is designed to assist OEM field managers with understanding and acting on unique data patterns and opportunities for retailers in their markets.
“The acquisition of Square Root is another important step in our efforts to build innovative solutions for dealers and OEMs that allow them to manage, analyze and grow their businesses,” CDK president and chief executive officer Brian Krzanich said in a news release.
“The technology, customers and top talent at Square Root will play an important role in helping us accelerate the expansion of our open Neuron intelligent data platform, which is designed to turn billions of pieces of industry information into actionable insights and valuable products for the automotive industry through Fortellis,” Krzanich continued.
The Neuron platform uses an analytics engine powered by artificial intelligence and machine learning to create real-time and predictive insights that empower dealers and OEMs to sell and service more vehicles by creating personalized and differentiated customer experiences.
With more than 280 connectors processing 90 million data points daily, CDK said Square Root’s software is proven at scale. The company is looking for Square Root to contribute to processing and delivering insights from the billions of data transactions already flowing into Neuron through CDK Global core products, such as CDK Drive, CDK Service and Elead CRM.
CDK went on to mention Neuron will also harness the power of Square Root’s integrations through the Fortellis Automotive Commerce Exchange to accelerate the creation of new products in the industry and to continuously enhance the user experience and value of existing products.
“Our values at Square Root are to think big, do bigger, be customer inspired, partner and thrive,” said Chris Taylor, founder and chief executive officer of Square Root.
“By joining CDK Global, we get a tremendous opportunity to become part of a company that has done just that at unmatched scale for decades. We look forward to joining forces with an industry leader to help build out its next-generation automotive ecosystem,” Taylor went on say as he and the Square Root team will retain their office location in Austin, Texas, and will integrate its operations into CDK over the next several weeks.
For more details, visit cdkglobal.com.
Source : AutoFinanceNews
