Posted on: 19 Jul 2022 | Post By: CitNOW Group
CitNOW Group secures significant new private equity investment
CitNOW Group has secured significant new investment from leading mid-market private equity investor Livingbridge, alongside additional funding from current backer Tenzing. The move will allow CitNOW Group to accelerate its growth strategy via additional mergers and acquisitions in the UK and overseas, and through further expansion of its product offering in key European markets.
- Funds from private equity firm Livingbridge and current backer Tenzing will enable fresh acquisitions and European expansion
- CitNOW Group is seeking to transform the customer journey in automotive
- CitNOW Group has highest penetration of any software provider in the UK motor retail sector
Geoffrey Page-Morris, CEO of CitNOW Group, said: “We are thrilled to have found in Livingbridge a partner that shares our vision for the Group. The firm’s extensive experience in the software sector and its strong track record in implementing sophisticated mergers and acquisitions programmes make it ideally placed to accelerate our growth strategy.”
Simon Peet at Livingbridge said: “CitNOW Group is a fantastic business which has built a reputation for innovation and excellence in a large and rapidly evolving sector. We look forward to working with Geoffrey and his team to further scale the business organically, as well as continuing to expand the range of solutions the Group offers to its customers through strategic mergers and acquisitions.”
Christian Hamilton, Co-Founder and Managing Partner of Tenzing, said: “We’re super proud to have spent the last four years working with CitNOW Group, supporting its growth by completing five strategic acquisitions, scaling sales, and expanding into new markets. We have high conviction about the additional value we can create and are excited to partner with Livingbridge to deploy the combined power of our Growth Teams.”
Since its inception in 2008, CitNOW Group has rapidly established itself as a global market leader, with over 13 million sales opportunities created, 60 million videos processed and over 10,000 dealer installations across 64 countries to date. It currently has the highest penetration of any software provider in the UK motor retail sector, with approximately 75% of franchised dealerships using at least one of its products.