StoneEagle, a provider of administration systems for finance-and-insurance product providers, as well as metrics and menus solutions for dealers, acquired Pencilwrench, whose technology helps technicians and service advisers write accurate, comprehensive repair-event documentation.
The addition of Pencilwrench to StoneEagle’s suite of solutions empowers dealers with tools to better address OEM warranty claims and service claim contracts. Pencilwrench’s software complements StoneEagle’s existing products: StoneEagleADMIN, StoneEagleMENU, and StoneEagleMETRICS. The combined technology stack will reduce friction and costs and errors, while improving customer experience and decreasing service drive time. It will also improve repair facility accounting and claim adjudication throughput.
“The addition of Pencilwrench allows us to multiply our impact to dealerships, third-party administration companies and OEM partners by providing a platform that creates efficiencies throughout the entire claim adjudication journey" said StoneEagle CEOCindy Allen.
Pencilwrench’s point-and-click tool creates clear, concise and compliant service event descriptions, improving their ability to meet manufacturers’ claim submission requirements, and thereby streamlining the process for both. Dealerships manage invoicing and warranty claims documentation in one centralized location. Created in 2013 by former technician-turned-general manager Joe McCue, Pencilwrench aims to decrease technicians’ administrative work so that they can get back to fixing vehicles in the service drive.
“We're thrilled to join forces with StoneEagle, an industry leader with shared values and a vision that complements our own,'' said Pencilwrench founder and owner Joe McCue. “As we unite our forces, the combination of our resources and expertise will serve as a powerful catalyst, propelling the market adoption of Pencilwrench at an unprecedented pace. This partnership not only represents a remarkable milestone in our journey but also offers an exciting promise to our customers – the promise of enhanced value, innovative solutions, and exceptional service”.
Existing StoneEagle investor Battery Ventures, a global technology-focused investment firm, partnered with StoneEagle on the acquisition. It's the first of several investments as StoneEagle takes steps toward delivering additional solutions for the automotive industry. Terms of the transaction were undisclosed.
Presidio Technology Partners acted as financial adviser to Pencilwrench in the transaction.
