LONDON — British motoring and cycling retailer Halfords Group has disclosed the sale of a 5% stake in its software subsidiary, Avayler, to Bridgestone Americas for $3 million.
Bridgestone, a global tire manufacturing giant, has also entered into a significant commercial agreement to become a client of Avayler's software-as-a-service platform.
Avayler specializes in delivering digital solutions for automotive companies, streamlining services such as online bookings and invoicing. Halfords has stated that the proceeds generated from this stake sale will be directed towards supporting the continued expansion of Avayler.
This strategic move underscores Halfords' confidence in Avayler's long-term potential as it pursues an expansion of its customer base on a global scale, as mentioned by CEO Graham Stapleton.
Bridgestone's investment in Avayler and its adoption of Avayler's software mirror the growing trend of digitization within the automotive sector. Increasingly, companies are turning to technology to enhance both customer experiences and back-end operational efficiency.
For Halfords, the sale of this stake allows them to capitalize on part of Avayler's value while retaining majority ownership. The involvement of a major partner like Bridgestone further affirms the quality of Avayler's offerings.
This development comes at a time when Halfords is actively seeking ways to boost its service revenue, especially in light of sluggish retail sales. Software and digital solutions represent promising avenues for generating new profits.
The collaboration with Bridgestone not only provides Avayler with scale and visibility but also aligns with Halfords' evolving business strategy in the digital age.
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