asTech Acquires Mobile Tech RX
NEW YORK, June 15, 2021 /PRNewswire/ -- Repairify, Inc. d/b/a asTech ("asTech"), a portfolio company of Kinderhook Industries, LLC ("Kinderhook"), announced today the acquisition of Mobile Tech RX ("Mobile Tech RX" or the "Company"). Mobile Tech RX is the industry leading automotive and collision reconditioning application with over 4,000 companies and approximately 6,000 active users that enables technicians to estimate, invoice, manage teams and collision workflow, process repair orders and capture data on-the-go through their mobile devices. Mobile Tech RX also provides instant damage pricing estimates using machine learning enabled AI and computer vision with dispatch functionality to their technicians across the country in their own marketplace. The Company represents the twelfth add-on acquisition for asTech and Kinderhook's 112th automotive-related transaction. Financial terms of the transaction were not disclosed.
Today, there are over 4,000 companies leveraging the application for glass repair, detailing, paintless dent repair ("PDR"), wheel and rim repair, paint touch up, window tint, interior repair, PPF and vinyl repairs. This technology enables these businesses to have all the necessary tools to compete from marketing, workflow, finance, payment to real-time analytics dashboards. Everything an independent automotive and collision business needs to manage, grow and enhance their position in the industry.
"Mobile Tech RX is a strategic acquisition that allows asTech to expand both its product offering and customer base. The Company provides asTech with access to an established network of repair technicians across 4,000 businesses and 6,000 technicians, instantly increasing asTech's scale and capabilities," said Paul Cifelli, Managing Director of Kinderhook Industries.
"Repairify is thrilled to welcome Eric Garves from Mobile Tch RX, who will be joining the Repairify team as the CEO of Mobile Tech RX. The Company has demonstrated an ability to match demand while providing end customers access to a flexed labor with over 1.7 million vehicles repaired through its solution in the past year. We look forward to continued success as we further augment the application to include solutions across asTech's platform of service offerings," said Cris Hollingsworth, President of Repairify.
"The merger between Mobile Tech RX and Repairify will result in an application that better serves all end customers and technicians who currently utilize the solution," said Eric Garves, CEO and Co-Founder of Mobile Tech RX. "Technicians will be capable of diversifying and expanding their revenue streams while end customers will benefit from access to a broader set of vehicle repairs."
Monroe Moxness Berg PA and Kirkland & Ellis LLP served as legal counsel to asTech. Financing for the transaction was provided by Ares Capital Corporation and Capital One.
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