By Mark Hollmer

A group of growth investors including venture capitalists and technology executives acquired Dealerware, a maker of fleet management software for manufacturers and retailers since 2016.

Wavecrest Growth Partners and Radian Capital led the acquisition. Automotive Ventures, Impel CEO David Daly and auto tech investor and entrepreneur David Metter are among those who were part of the purchase.

Neither side disclosed financial details.

Matthew Carpenter, Dealerware’s CEO, said in a statement the money will help the Austin, Texas, mobility software company accelerate its growth. The company said it supports more than 3,000 retailers and connects more than 100,000 vehicles in the U.S. and Canada with its products and services.

“We’re beyond excited to work with our new partners to expand what Dealerware does for the automotive industry,” Carpenter said in the statement.

Anthony Giannobile, a Wavecrest principal, said he sees Dealerware’s software platform as a way to advance digital transformation for retail auto and mobility.

“Retail automotive and mobility present meaningful opportunities for software-driven transformation, and Dealerware has built a differentiated platform designed for the realities of modern dealership operations,” Giannobile said in the same statement.

Mattia Flabiano, partner at Radian Capital, said in the statement that he views Dealerware’s technology as well positioned “to support the next phase of retail automotive and mobility-enabled operations.”

Dealerware’s technology is designed to help automotive retailers function more as “modern mobility centers” by connecting customers, vehicles and contracts on a single fleet management platform.

Dealerware’s news comes as the mobility space is becoming increasingly lucrative.

Toyota Motor Corp., for example, announced in November it would spend $10 billion in the U.S. on “future mobility efforts.”

Global mobility investment will likely surge in 2025 from $54 billion in 2024, according to consulting firm Oliver Wyman. That number is the highest since the $88 billion recorded in 2021.

Oliver Wyman’s mobility number includes mobility services such as ride-hailing, carpooling or other on-demand services, and sustainable mobility such as electric vehicles and connected and self-driving products.