Advance Capital announces completion of the funding round for UDP Auto (ex-Kodix Auto)

07 Feb
/ 2023

Advance Capital is pleased to announce that it has successfully attracted a strategic investor for UDP Auto (formerly named Kodix Auto), which provides IT products for auto dealers and car manufacturers. As part the deal, the company rebranded itself, and the CEO Kirill Novikov was replaced by Georgy Vekhov, who will focus on implementing the new development strategy.

Funds raised from Milestone Capital will be used to expand the product line and create the national leader by consolidating the market around the UDP Auto ecosystem. UDP's solutions are already able to automate the process of choosing and buying a car. UDP customers are more than 800 dealerships throughout the country.

Advance Capital acted as the exclusive financial advisor to UDP Auto (ex-Kodix Auto). Transaction value is not disclosed.

Georgy Vekhov, new CEO of UDP Auto:

“I will ensure the continuity of the corporate culture formed by Kirill Novikov during 15 years of work. The UDP Auto team are experts focused on growth and development. Attracting investments and using the experience of the world's leading IT companies will allow us establishing a local leader in our segment."

Artur Shubaev, Vice President of Advance Capital:

“In 2022, our team dived deep into the Russian automotive sector – we believe that this market is going to face lots of changes, as well as multiple significant M&A deals. And we were pleased to help one of the leading developers of IT solutions for the automotive industry to attract a strong strategic investor that will lead the company to new heights".

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