Under the joint leadership of partners Jens Wolf and Armin Bartsch, Taylor Wessing advised thyssenkrupp comprehensively on the entry of Fleet Technology into carValoo.
CarValoo emerged from an innovation incubator at thyssenkrupp and was carved out as an independent company from thyssenkrupp's automotive segment in 2020. CarValoo offers fleet operators a digital damage detection system based on artificial intelligence, which communicates detailed knowledge about the condition of their vehicle fleet, damage that has occurred and usage and damage patterns in real time.
Fleet Technology now acquires 77.5 per cent of carValoo. Fleet Technology is a leading provider of software and hardware-based solutions that help fleet operators digitise and automate their operations to increase efficiency and improve the user experience. Fleet Technology has over 8,000 customers in 50 countries operating more than 700,000 vehicles with millions of users.
In the coming years, carValoo plans to invest more in the growth of cloud services for fleet operators and to break even within the next two years. In addition, the scaling of the business model and the development of new markets should triple the number of customers in the same period.
The team of Jens Wolf and Armin Bartsch provided extensive advice on all legal aspects of the transaction. In addition to the entire investment documentation including the complex separation of carValoo from the operating organisation of thyssenkrupp group, the advice covered the conclusion of extensive new project and sales cooperation agreements between thyssenkrupp and carValoo.
Jens Wolf heads Taylor Wessing's venture capital group in Germany. Armin Bartsch regularly advises on the interface between venture capital and corporates.
Legal advisor thyssenkrupp
Taylor Wessing Germany: Dr. Jens Wolf (Partner, Hamburg), Dr. Armin Bartsch (Salary Partner), both Berlin, both Venture Capital, joint lead, Timo Stellpflug (Partner), Alessa Steigertahl (Senior Associate), both Hamburg, both Commercial and Contract Law, Stephan Manuel Nagel (Partner), Mareen Coenen (Associate), both Düsseldorf, both Technology, Media & Communications, Felix Paul (Professional Support Lawyer, Venture Capital, Berlin)
Inhouse thyssenkrupp: Olga Kopka (Senior Counsel)
