Serent Capital-Backed CallRevu Acquires TotalCX, Bringing 2024 Industry Deal Total to 11

Serent Capital-Backed CallRevu Acquires TotalCX, Bringing 2024 Industry Deal Total to 11

May 15, 2024 — Serent Capital-backed CallRevu announced this week that it has acquired TotalCX from its founders, Gary Graves and Jack Behar. 

The deal is Serent Capital’s fourth investment in the automotive technology sector. It acquired fintech provider and auto retailer Tricolor Auto in 2010 (sold to Ganas Auto group in 2016), Motility Software, a technology provider to powersports, marine, bus, heavy truck, bus, and automotive dealerships in 2018 (sold to Reynolds and Reynolds in 2022), CallRevu in 2017, and TotalCX. 

Behar and Graves rebranded InterActivTel to TotalCX in 2023. 

Putting CallRevu together with TotalCX makes sense. Both companies were founded in 2008 and have become leading vendors providing telephony and communication intelligence to car dealerships. 

“This combination amplifies our capabilities, enabling us to deliver a comprehensive suite of solutions. By joining forces, we can deliver exponential value, allowing us to provide our clients with the best in technology and service,” said Ben Chodor, CEO of CallRevu, in a press release.

Chip King, Sean Wolfington, and David Boice, CEO of Team Velocity, co-founded CallRevu in 2008. They sold to Serent in November 2017. 

Terms of the transaction were not disclosed. TD Securities served as the exclusive financial advisor, and Clifford Chance US LLP served as the exclusive legal advisor to TotalCX. It is TD Securities fourth transaction in the space this year.

After a slow start in 2024, M&A activity is starting to take off. TBR knows of at least 11 deals completed this year, 10 in the last six weeks. 

(For more detail on this year’s M&A activity in automotive retail tech, read M&A Action Automotive Retail Heats Up as 3 Monster Deals Take Shape).

2024 Transactions

  • J.D Power acquired Autovista Group
  • ACERTUS acquired Guardian Auto Transport
  • Point72 Ventures led an $18 million Series C investment in Champ Titles.
  • Xcite Automotive acquired Pinnacle Automotive
  • Advance Local acquired Adpearance
  • APCO Holdings acquired Crystal Fusion Technologies
  • Runway Growth Capital invested in CarNow via a $40 million loan commitment
  • Reynolds and Reynolds led a $19.7 million Series A round in STELLA Automotive AI
  • Keyloop acquired the Automotive Transformation Group
  • CallRevu acquired TotalCX
  • An undisclosed transaction

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