Law firm RWK Goodman has advised the shareholders of cloud-based vehicle diagnostic specialists SOMIT Solutions on its sale to KPIT Technologies.
Based in Abingdon (Oxfordshire), SOMIT Solutions enables after-sales operations of high-tech luxury and original equipment manufacturers through a cloud-based vehicle diagnostics platform and expert consulting services.
Vehicle complexity is outgrowing existing servicing capabilities due to rapidly evolving software-centric architectures, high-tech automotive engineering, and an acute shortage of trained and certified service technicians across the globe. SOMIT's cloud-based platform features an intelligent and intuitive diagnostics solution that will enhance a service technician's user experience and improve service quality by increasing the ratio of 'first-time right' repairs.
KPIT works on developing cutting-edge technology with global leaders in automotive and mobility. KPIT has grown consistently for last two decades and has deployed organic and inorganic strategies for the same. Over that time KPIT has done multiple M&A-led partnerships with strong organisations in Europe, USA, India. KPIT is a listed entity in stock exchanges in India.
The RWK Goodman team was led by Corporate Partner Iain Butler, supported by Carl Selby (Technology & Innovation lead), Yasmine Qasim (Corporate) and Kate Benefer (Employment). Tax advice was provided by Parisi Tax. KPIT were advised by Osborne Clarke.
RWK Goodman's Iain Butler said: "We are delighted to help deliver this deal. SOMIT Solutions is a leading Oxfordshire business and we're excited to see this strategic acquisition further support the fast-moving development of cutting-edge automotive technology and innovation."
RWK Goodman is a UK top 100 law firm supporting high-growth innovative business across the Thames Valley, the South West and London. RWK Goodman's Corporate team was recognised for its work on the LDC investment in digital media company Hybrid which was named winner of the Medium-Sized Deal of the Year at the Insider South West Dealmakers Awards 2022.