National law firm Shoosmiths has advised on mid-market investor Tenzing's multi-million pound investment into the leading global provider of software solutions for the automotive industry, CitNOW.
Representing CitNOW's CEO Alistair Horsburgh and its management team, the deal was led by Shoosmiths corporate partner Alastair Peet and supported by corporate senior associate Sarah Thawley. The investment will help CitNOW to accelerate its sales growth and to develop new products.
CitNOW is renowned for its use of video in the automotive world, allowing potential customers to view products without visiting a showroom, all with a personalised element. It now employs more than 100 people, at sites across the UK and Europe. It has 42 manufacturer clients, including the likes of BMW and Volkswagen.
Shoosmiths' Alastair Peet said: "It's been a pleasure working with Alistair and the team on this deal, and it represents an exciting time for the company as it looks to expand both its innovative software and its customer base."
CitNOW CEO Alistair Horsburgh said: "Our global revenues soared by 50% last year and we've tripled our presence throughout Europe. This new investment will help us to grow even more, and keep at the cutting edge of our industry. The service and professionalism provided by Shoosmiths, by Alastair and Sarah, has been second-to-none and we look forward to working with them again in the future."
CitNOW has been ranked in The Sunday Times Hiscox tech Track 100 for the past two years.