Partnership to Advance Product Expansion and Further Strengthen Market Position
JACKSONVILLE, FL and SAN FRANCISCO, December 3, 2018 – AutoQuotes, the leading technology company for the foodservice equipment and supplies (FES) industry, announced today that it has received a strategic growth investment from Luminate Capital Partners, a private equity firm investing in software and software-enabled services businesses in the middle-market, to support continued growth and market leadership for AutoQuotes and CaterQuotes, its U.K.-based subsidiary.
AutoQuotes’(AQ) and CaterQuotes’ (CQ) software platforms connect foodservice equipment manufacturers and suppliers and their customers to market, configure and quote equipment and supplies efficiently. AQ and CQ enable its publishers to position their products to more than 21,000 dealers, reps and consultants in North America and Europe and provide value-added services in the design of commercial kitchens and order tracking. The AutoQuotes and CaterQuotes’ platforms publish over 800 manufacturers and suppliers, generating over $70 billion in quotes annually.
AutoQuotes has become the CPQ (Configure, Price, Quote) standard for the FES market through 28 years of working closely with customers to meet their evolving needs.
“Our family is very excited, this investment from Luminate will allow AutoQuotes to continue its critical role of serving the FES industry as a trusted long-term technology partner, bringing ongoing innovation and value to the industry,” said Kate Motes Schmidt, former Chair of AutoQuotes Board of Directors. “We believe that the Luminate team’s extensive experience helping software companies grow and scale will not only preserve the legacy our father created but help elevate AutoQuotes to the next level.”
Kent Motes Jr. and Alex Motes will continue to maintain representation on the Board of Directors for the Motes family. Additionally, Hollie Haynes, Mark Haidet, Scott Kingsfield, and Sanjay Palakshappa from Luminate Capital Partners will join the Board as the majority shareholder.
“Creating a market leadership position as a stand-alone family owned business is truly an impressive accomplishment,” said Hollie Haynes, Founder and Managing Partner at Luminate Capital Partners. “We believe our experience growing software companies combined with the 20 years our operating partners each have in the restaurant technology market will allow us to take AutoQuotes to the next level of success.”
“We are excited to be working with a market leader like AutoQuotes, who is delivering tremendous value to the entire FES market,” said Mark Haidet, Operating Partner at Luminate Capital Partners and Executive Chair of AutoQuotes. “We look forward to working closely with the team to deliver even more value to the industry through deeper relationship development, expanded product offerings and ongoing innovation.”