Automotive retail know-how supplier CitNOW Group will goal to spice up its worldwide progress via acquisitions after securing new non-public fairness funding.
Funds from non-public fairness agency Livingbridge and present backer Tenzing will allow contemporary acquisitions and European enlargement because the enterprise goals to “rework the shopper journey in automotive”, a stamen issued at present (July 19) confirmed.
Information of the event follows the video and imaging specialist’s current acquisition of messaging software platform Web1on1 and its integrations of Dealerweb, Tootle and Reef Enterprise Methods within the UK.
CitNOW Group chief government Geoffrey Web page-Morris stated: “We’re thrilled to have present in Livingbridge a accomplice that shares our imaginative and prescient for the Group. The agency’s intensive expertise within the software program sector and its sturdy monitor document in implementing subtle mergers and acquisitions programmes make it ideally positioned to speed up our progress technique.”
Based in 2008, CitNOW Group now claims to have helped to generate over 13 million gross sales globally, with 60 million movies processed and over 10,000 seller installations throughout 64 international locations.
The enterprise claims to have the best penetration of any software program supplier within the UK motor retail sector, with roughly 75% of franchised dealerships utilizing not less than certainly one of its merchandise.
In Could this 12 months CitNOW won the AM AWards 2022’s Supplier of the Year category for a 3rd consecutive 12 months.
Simon Peet at Livingbridge stated: “CitNOW Group is a unbelievable enterprise which has constructed a popularity for innovation and excellence in a big and quickly evolving sector.
“We sit up for working with Geoffrey and his crew to additional scale the enterprise organically, in addition to persevering with to increase the vary of options the Group affords to its clients via strategic mergers and acquisitions.”
Christian Hamilton, Co-Founder and Managing Associate of Tenzing, stated: “We’re tremendous proud to have spent the final 4 years working with CitNOW Group, supporting its progress by finishing 5 strategic acquisitions, scaling gross sales, and increasing into new markets.
“Now we have excessive conviction concerning the extra worth we are able to create and are excited to accomplice with Livingbridge to deploy the mixed energy of our Development Groups.”