ACV Auctions acquired Monk SAS for approximately $18.6 million, a transaction completed in February 2022.
Monk SAS operates in Data services, is based in Europe (France). Monk SAS is an artificial-intelligence company whose computer-vision platform automates vehicle damage detection: a user photographs a vehicle with a phone and machine-learning models identify scratches, dents and damage. Monk's AI-enabled self-inspection capabilities were already live with customers in Europe at the time of the deal. ACV disclosed total consideration of approximately $18.6 million, net of cash acquired and expected working-capital settlements, in its FY2023 Form 10-K.
Adds imaging AI to ACV's data-services roadmap to build a comprehensive vehicle-data platform.
Imaging AI applied to ACV's inspection and condition-report workflow. Monk technology integrated into ACV's data-services and inspection products.
Monk's AI-enabled self-inspection capabilities offer a powerful platform that is already live with initial customers in Europe.George Chamoun, CEO, ACV
By joining forces with the ACV family and leveraging its massive experience of vehicle condition reports, we can truly accelerate our shared goal.Aboubakr Laraki and Faycal Slaoui, co-founders, Monk
Advisory firms were not disclosed for this transaction.