The Driving Theory Test app (“App”/ “Apps”) was launched in 2018, and since then has become the leading driving theory learning app in the UK, with more than 2.3 million downloads and more than 50k monthly active users. The company has developed multiple apps for PCVs, LGVs and motorcycles, and, in addition to obligatory theory content, created additional proprietary learning materials for upcoming drivers. The acquisition of the Apps will allow the RAC to expand into driving theory learning vertical, which is synergetic with their existing insurance business.
Founders of the App decided to attract a strategic partner, which would be interested in the further development and expansion of the business. JTech Advisory acted as an exclusive financial advisor to the Founders during the entire sale process. JTech Advisory team communicated with several UK-based public and private-equity backed strategic investors, mostly from insurance and education field, who expressed interest in the deal during the process. During the process, RAC management team have shown their interest in the company, building a trustful relationship with the Founders, who will continue to support the RAC in further development of the App. The RAC acquired 100% of the business.
RAC management said: “We are on an exciting journey to digitalise and revolutionise the way we provide driving services to our 13m members. Our acquisition of the hugely popular and highly effective Driving Theory Test 2022 app is another important step in enabling the RAC to help and support the next generation of drivers.”
About the RAC
The RAC, an iconic UK brand, provides complete peace of mind to 13m UK private and business drivers, whatever their motoring needs. As well as its premium nationwide breakdown assistance service – with an expert branded patrol workforce attending more than two million breakdowns every year – it offers a wide range of market-leading products across insurance, legal services, vehicle inspections and service, maintenance and repair. The RAC is also at the forefront in helping drivers make the switch to electric vehicles and leads in the development of new solutions for businesses and OEMs, partnering with the best in the motoring and mobility space.
The RAC is backed by Silver Lake, GIC and CVC Capital Partners.