Cazoo today announced that it had bought car pricing data platform Cazana for £25m as it continues its rapid expansion.
The used car marketplace said that the purchase would help it improve its vehicle buying and pricing across the UK and Europe.
It comes less than a week after the platform, the brainchild of serial entrepreneur Alex Chesterman, went public in New York via an $8bn SPAC deal.
Cazana’s dataset covers 500m historic car transactions across 40 countries including UK, Germany, France, Spain and Italy.
Its 50 staff will join Cazoo, although chief executive Tom Wood will remain with its Car & Classic subsidiary, which is not part of the deal.
“Cazana has built one of the leading data insights platforms, providing tools which are used by manufacturers, lenders, fleet owners and insurers in the automotive space”, Chesterman said.
“This acquisition will enhance our data team and capabilities and enable us to further optimise our buying and pricing of vehicles across the UK and Europe.
“I am looking forward to welcoming the Cazana team to Cazoo as we continue our mission to deliver the best car buying and selling experience to consumers across Europe.”
Cazoo’s rapid growth was capped last week when the firm, which was only founded in 2018, became the UK’s most valuable company listed on US markets.
The firm made $1bn in proceeds from the float, which it said it would use to continue its expansion.
With sales climbing fast in the UK, it has now turned its attention to the European used car market.