Cowen advised Twinner Group, the world’s most advanced specialist in the digitization of cars, on the acquisition of Hungarian hardware manufacturing start-up SHI-Scalable. Prior to the deal, Cowen had already assisted the company, which generates so-called Digital Twinns® of cars using vehicle scanners, in three rounds of financing and raised a total of more than EUR 40 million in capital for Twinner.
With the acquisition of SHI-Scalable, Twinner is able to produce vehicle scanners in-house. The resulting flexibility in supplying partners will give the company an edge over competitors who rely on overseas production of parts.
Together with SHI-Scalable, Twinner intends to continue its international expansion and further strengthens its presence in Germany.
Founded in 2017, Twinner® is on a mission to revolutionise the automotive industry. Twinner®‘s technology makes it possible to create digital images of vehicles so that they no longer need to be viewed in person at specific times in specific locations. In this way, the company brings transparency, security and trust to one of the largest sales markets in the world. Twinner® obtains an incomparably large data set from each vehicle, based on which a Digital Twinn®, i.e. a “digital twin”, is created, with which the customer can virtually see more than if he were standing in front of the vehicle themself. The start-up company from Halle has a team of more than 150 experts, all of whom have extensive experience in the automotive and start-up sectors as well as innovation sectors.
SHI-Scalable, a hardware mastermind, was founded in Budapest in 2017 and employs 70 people.