The CitNOW Group strengthens its dealership software offering with the acquisition of Dealerweb
London, 15th December 2020 – UK lower mid-market investor, Tenzing, announced today that its portfolio company CitNOW has acquired Dealerweb, a provider of sales and lead management software for car dealerships.
The CitNOW Group, a global market-leading provider of sales conversion software for car dealerships, has joined forces with Dealerweb, whose lead management software helps retailers and manufacturers in the UK and Europe sell more vehicles, at a time when demand for a seamless customer journey is unprecedented.
By working together, both companies will aim to expand the contactless customer experience. Dealerweb has significant integrations with the leading Dealer Management System (DMS) and the transaction will see insight and experience shared across both businesses to improve efficiencies for retailers and create stronger, more transparent and more productive customer relationships.
The two companies, each a pioneer in their respective fields, will continue to operate autonomously while partnering to drive digital innovation that benefits the whole automotive retail industry. They will both operate under the CitNOW Group.
Martin Hill, Founder of Dealerweb, will continue to support the business as Strategy Director, with Managing Director James Hill assuming day-to-day management of the company.
Geoffrey Page-Morris, Executive Chairman of the CitNOW Group, commented: “We are bringing together two leading automotive technology companies to leverage innovation and help retailers and manufacturers deliver an outstanding customer experience. The pandemic has shown that retailers can adapt at pace, and technology will play a key role in the future success of the industry. We are delighted that Martin Hill has agreed to take on the role of Strategy Director of Dealerweb to assist us in bringing new technology to the market.”
Christian Hamilton, Co-Founder and Managing Partner of Tenzing, commented: “We’re thrilled to have supported CitNOW with this acquisition. The two companies are highly complementary, with best-in-class products, attractive client bases and strong OEM relationships, all underpinned by a focus on innovation. We’re excited to build on the strong sales momentum across the Group with this important step in CitNOW’s growth story.”
Tenzing is an independent private equity firm, based in London, that targets buyout investments in high growth businesses, valued between £10m and £200m, across the UK and Northern Europe. Founded in 2015, the firm invests in tech and tech-enabled niche market leaders and challenger businesses.
The firm believes in supporting, inspiring, and investing alongside high energy, high-performance management teams with which it has a shared vision. Tenzing brings unique access to a select group of entrepreneurs, its Entrepreneurs Panel, who have founded and grown some of the best lower middle market SMEs through multiple successful phases of private equity investment.
Access to this entrepreneur-led growth team provides the Tenzing portfolio companies with unrivalled insight, experience, and mentoring to support their high growth development.
For more information, please visit: https://tenzing.pe