Pinewood to acquire a 51% stake in the North American joint venture from Lithia for $76.5m.

Pinewood, a cloud-based software provider, agreed to acquire a 51% stake in the North American joint venture from Lithia, a global automotive retailer, for $76.5m. "We are delighted to have reached an agreement with Lithia to acquire the majority stake of the North America joint venture. The US and Canada are central to our growth strategy, and through the joint venture, we have made significant progress towards commercializing the Pinewood Automotive Intelligence™ platform for the North American market. Assuming full control of the joint venture will strengthen our ability to fully capitalize on the opportunities available in a key strategic growth market," Bill Berman, Pinewood Technologies Group CEO.