Lawyers advise on multi-million pound investment in automotive video software provider
Lawyers from the Birmingham office of Shoosmiths have advised on Tenzing’s multi-million pound investment in CitNOW, a global provider of video software solutions to the automotive industry.
Representing CitNOW’s CEO Alistair Horsburgh and its management team, the deal was led by Shoosmiths Birmingham corporate partner Alastair Peet and supported by corporate senior associate Sarah Thawley.
The investment from the mid-market investor will help CitNOW to accelerate its sales growth and 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.
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.
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.”
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.”
