Expands worldwide footprint to cover additional countries in the Caucasus region
incadea plc (LSE-AIM: INCA), a leading provider of enterprise software and services to the global automotive dealership industry, is pleased to announce it has won a contract with Toyota Caucasus LLC, headquartered in Georgia.
This contract was signed by incadea’s Russian business and expands the Group’s worldwide presence to cover additional countries of the CIS region, including Azerbaijan, Armenia, Tajikistan and Uzbekistan. In addition, incadea will increase its existing presence in Georgia, where it has been active for a number of years with a different OEM customer.
incadea’s next generation Dealer Management System, incadea.myengine, will be implemented across Toyota’s Caucasus dealerships over the next 12-18 months. incadea.myengine was selected through a competitive tender due to its ability to optimise business processes and improve enterprise planning, as well as due to the Group’s proven capabilities in executing projects within the CIS region.
Global growth in automotive sales is to be strongly driven by BRIC markets. Premium brands, Chinese brands and SUVs are witnessing growth in areas such as the Caucasus region due to a rising affluent middle class, the considerable age of cars and a low car density (Ernst and Young report 2014). It is estimated that the demand for cars in Georgia and the surrounding region will grow by 11-12% CAGR over the five years to 2016 as the GDP and income levels rise (PWC report).
George Tsiramua, IT Manager from Toyota Caucasus LLC, stated: “Toyota Caucasus selected to work with incadea due to its market leading technology and unrivalled expertise within the automotive dealer management sector. incadea’s global presence supports our multi-national locations within the Caucasus and Middle Asia region and we look forward to integrating this technology across our dealerships.”
Patrick Katenkamp, Chief Executive Officer of incadea plc, commented: “We are proud to have been selected by Toyota to implement our next generation incadea.myengine product across their dealerships in the Caucasus region. This contract across the CIS region further extends incadea’s global footprint throughout key automotive markets; an important part of our stated growth strategy. Incadea aims to expand its regional partnerships with the majority of the leading global OEMs by 2017, and this contract in conjunction with other recent news demonstrates strong progress on this front.”
As anticipated, the performance of incadea Russia and the CIS business has improved since 2013 and the outlook is positive for the remainder of 2014.
For further information please contact:
+49 89 69338 0
Patrick Katenkamp (Chief Executive Officer)
Alex Tsaparas (Chief Financial Officer) www.incadea.com
Cenkos Securities plc (Nomad & Broker)
Stephen Keys (Corporate Finance)
Mark Connelly (Corporate Finance)
+44 20 7397 8900
N+1 Singer (Joint Broker)
+44 20 7496 3000
Fiona Conroy / Caroline Forde / Edward Treadwell
+44 20 7653 9850
incadea (LSE AIM: INCA) is a leading international provider of software solutions and services to the global automotive retail and wholesale market. Incadea addresses the needs of this industry by offering global solutions with state-of-the-art innovation and local execution capabilities. Products include dealer management, business intelligence, and customer and vehicle relationship management solutions. These are used by multinational car manufacturers, Original Equipment Manufacturers (“OEMs”) and their dealership networks. Through continuing global expansion, incadea serves more than 70,000 end users in more than 2,400 dealerships in 87 countries across the globe.
Headquartered in Germany, incadea has offices in Austria, Greece, Spain, Portugal, Russia, China, Japan, India, Taiwan, Mexico, New Zealand. The Group has a network of worldwide certified channel partners, and its range of blue chip customers include over 50 OEMs such as BMW, Toyota, Volkswagen, Peugeot/Citroën, Ford, Scania and Mercedes-Benz. For more information, please visit www.incadea.com.
About Toyota Motor Corporation
For over fifty years, Toyota vehicles have found their way to over 170 countries and regions throughout the world. As their exports have continued to develop so has the localization of their production bases, in line with a policy of "producing vehicles where the demand exists". Now there are 52 bases in 27 different countries and regions. In addition, there are design and R&D bases in nine locations overseas, showing that "from development and design to production, as well as sales and service, Toyota has now achieved consistent globalization and localization."
Toyota Caucasus LLC
TOYOTA CAUCASUS LLC is Toyota official distributor covering six countries of Caucasus and Central Asia, with its head-office located in Tbilisi city, Georgia. The company is engaged in providing of brand new Toyota vehicles, spare parts, accessories and technical training to its dealers in the region with TOYOTA highest standards of Customer Satisfaction.