Allianz acquires majority stake in GT Motive

Allianz X (Allianz Group) has acquired a majority stake in GT Motive from current shareholders Mitchell and Einsa.

The move aims to support the global expansion of GT Motive and accelerate the company’s ambition to become an international leader in vehicle data and claims automation for the automotive repair industry.

GT Motive CEO Ángel Martínez said: “Solid progress of a company like GT Motive demands a long-term vision and commitment, and GT Motive has found in Allianz X the best support for many years to come.

“GT Motive’s role is to support insurers, repairers and car manufacturers in the claims and repair process, and we will continue loyal to our purpose of contributing with innovative, open and collaborative technology to return the cars back to the road efficiently and in optimum safety conditions.”

CEO of Allianz X, Dr. Nazim Cetin, said: “GT Motive provides highly-accurate data at competitive prices and one of the most integrative, customer-centric platforms on the market.

“We see enormous potential to scale it up into a hard-hitting heavy-weight. All it needs is some more muscle behind it—and that’s where Allianz X can help.”

This transaction is subject to customary closing conditions, including applicable regulatory clearance.