Pinewood Technologies, a software company specializing in solutions for the automotive retail sector, is set to go private following approval of a £545 million takeover bid. Shareholders overwhelmingly supported the offer from Ridgeview Partners, a technology investment firm based in San Francisco, with 99.76 percent voting in favor.

The Birmingham-based firm, originally spun out of the Pendragon dealership chain, provides a cloud-based platform that streamlines operations for car dealerships and manufacturers. Its software covers a broad range of functions, including vehicle sales management, customer relationship handling, service repairs, and accounting processes.

Pinewood’s shares have experienced a notable rise of approximately 24 percent this year, a boost partly attributed to prior interest from Apax Partners, a private equity group. The decision to take the company private marks a continuation of the trend among technology firms leaving public markets to seek strategic growth under private ownership.

The move allows Ridgeview Partners to potentially expand Pinewood’s offerings and market reach away from the scrutiny and regulatory requirements of the public markets, although specific plans for the company’s future under new ownership have not been announced.