The companies expect approval of the transaction by responsible regulatory authorities, with the transaction concluding in the first half of 2017.
Austin, Texas-based Silvercar helps Audi strengthen its platforms to serve the evolving mobility needs of the U.S. marketplace. The two companies have worked together since 2012, developing and delivering innovative consumer mobility offerings under the Audi mobility, Silvercar and Dealerware brands. In 2015, Audi participated in a $28 million Series C investment in Silvercar. The company employs about 150 people.
"Audi and Silvercar share a vision for the future of transportation," said Matt Carpenter, Audi of America’s chief financial officer. "This acquisition enables Audi to move forward with a progressive partner and continue our technology leadership into the next era of mobility.’"
Audi has developed innovative shared mobility solutions, from Audi on demand in San Francisco to corporate vehicle services, like Audi shared fleet. Silvercar’s technology platform enables the seamless management of transportation products and services in both the retail and corporate mobility spaces, including Audi shared fleet and Silvercar’s innovative airport car-rental experience.
"The intersection of transportation and technology, influenced by changing demographics and innovative consumer models has created an exciting new world of mobility," said Luke Schneider, CEO of Silvercar. “We are thrilled to become part of Audi, to enhance its leadership in this space."