On Monday, CDK Global announced it has completed the previously announced $1.45 billion sale of the CDK International business to Francisco Partners (FP), a leading global investment firm that specializes in partnering with technology businesses.

“We are very pleased that the transaction closed on schedule and appreciate all the efforts made by both companies to successfully complete the sale. I would like to thank all the International Business team members and wish them success in the future,” CDK Global president and chief executive officer Brian Krzanich said in a news release. “I look forward to continuing our growth strategy and focus on our North America business.”

According to another news release, CDK Global International has now been established as an independent business named Keyloop, which executives believe is uniquely positioned to help those involved in the automotive sector — both dealers and OEMs — respond to major changes over the coming decade as they transform the automotive retail experience.

Tom Kilroy is joining Keyloop immediately as the new chief executive officer. Neil Packham, former CEO of CDK Global International, will continue to support the business in an advisory capacity as it moves forward.

Kilroy previously was an operating partner at FP. He also held the position of chief operating officer of Finastra, a fintech company with more than 10,000 employees and revenues of approximately $2 billion.

The company said Kilroy brings deep experience of best-practices from global technology businesses providing mission-critical software.

The announcement went on to note that Keyloop intends to move swiftly and decisively to deliver on its mission of transforming the car buying and ownership experience in partnership with dealers and OEMs with the advent of connected cars, new retailing models and greatly increased digital engagement.

“Keyloop’s strong performance, impressive history and brilliant people are the key attributes that made it such an attractive company. FP acquired Keyloop not only because it recognized the superior product portfolio it has today, but also the potential for innovation in one of the world’s most critically important and rapidly evolving industries,” Kilroy said.

“We have all seen how technology players have set new standards for exceptional digital retail experiences. Now automotive consumers are starting to demand the same. As dealerships attract and serve the next generation of car buyers, digital transformation must be top of their agenda, and Keyloop will be the partner to help both them and the OEMs achieve this,” he continued.

“We are launching our company as Keyloop with the goal of enhancing the automotive customer experience for the better,” Kilroy added.