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Tekmetric, an auto-repair shop management system, acquired CRM platform Shopgenie, CEO Sunil Patel tells Axios exclusively.

Why it matters: Services like home and auto repair have seen an uptick in deal activity as consumer spending stays strong.

Zoom in: Houston-based Tekmetric was attracted to Shopgenie's customer-centric approach and its rapid growth, Patel says.

Tekmetric was Shopgenie's closest point-of-sale partner from a referral basis before the deal was inked, Shopgenie CEO Kieran O'Brien says.

The merger was financed through cash, and "financial arrangements" go hand-in-hand with its long-term growth strategy, Patel says.

The intrigue: Susquehanna Growth Equity-backed Tekmetric, which has been profitable for nearly two years, plans to reach unicorn status in 18 months or less, Patel says.

"Given how big the market is for this category, I do share his confidence," Susquehanna investor Aaron Flack tells Axios.

Patel, who ran his own repair shop before founding Tekmetric, has the mindset of a shop owner and therefore understands their needs, Flack says.

How it works: Tekmetric handles customer needs at the auto repair shop, while Shopgenie "takes care of the stuff outside the four walls of the repair shop," like customer acquisition and follow-up, Patel says.

"We're kind of a book-end experience before and after the repair," O'Brien adds.

The merger will help shop owners manage operations and engage with customers through a single platform.

Zoom out: Most auto repair shops use disparate companies to manage their website, direct mail, customer reviews and texting.

"All of these tools were being duct-taped together, and it was a very expensive and inefficient process," O'Brien says, adding that Shopgenie puts all those functions under one roof.

Customers are wary of paying multiple vendors and dealing with disjointed experiences when it comes to running the various functions of their shop, Patel says.

What's next: Tekmetric plans to "elevate what that new CRM product will be," which it hopes will be a big market differentiator for it, Patel says.

There may be room for more acquisitions as the company looks to expand capabilities, Patel adds. 

Exclusive: Auto repair shop software provider Tekmetric acquires Shopgenie

The merger allows Tekmetric to serve more functions for the auto repair shop customer.

Illustration of a hand putting a quarter into a car, as if it were a piggy bank.

Mergers and acquisitions

Tekmetric, an auto-repair shop management system, acquired CRM platform Shopgenie, CEO Sunil Patel tells Axios exclusively.Why it matters: Services like home and <a class="gtmContentClick" data-vars-link-text="auto repair" data-vars-click-url="https://www.axios.com/pro/retail-deals/2024/03/20/stress-free-auto-care-raises-11m-series-a" data-vars-content-id="78cd9da7-7914-4057-9b3e-ad06ba1c127c" data-vars-headline="Exclusive: Auto repair shop software provider Tekmetric acquires Shopgenie" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2024/03/20/stress-free-auto-care-raises-11m-series-a" target="_self">auto repair</a> have seen an uptick in deal activity as <a class="gtmContentClick" data-vars-link-text="consumer spending stays strong" data-vars-click-url="https://www2.deloitte.com/us/en/insights/economy/spotlight/consumer-spending-inflation-services.html" data-vars-content-id="78cd9da7-7914-4057-9b3e-ad06ba1c127c" data-vars-headline="Exclusive: Auto repair shop software provider Tekmetric acquires Shopgenie" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www2.deloitte.com/us/en/insights/economy/spotlight/consumer-spending-inflation-services.html" target="_blank">consumer spending stays strong</a>.

Exclusive: Auto repair shop software provider Tekmetric acquires Shopgenie

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