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.
CitNOW Group recently acquired Web1on1, Europe’s leading multi-channel messaging software platform and integrated Dealerweb, Tootle and Reef Business Systems in the UK, as well as Quik in the USA.
The automotive player has now firmly 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. It is currently the most penetrated vendor of automotive software in the UK market, with approximately 75% of predominantly franchised dealerships using at least one of its products.
Geoffrey Page-Morris, CEO at 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."