International law firm, Osborne Clarke, has advised Tenzing and management shareholders on the sale of CitNOW, the global market-leading provider of sales conversion software for car dealerships, to Livingbridge. As part of the transaction, Tenzing has made a material reinvestment in CitNOW.
CitNOW 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.
The Osborne Clarke team advising Tenzing on its reinvestment in CitNOW was led by private equity Partner Tim Hewens alongside Associate Directors Robert Pook, William Nicolson and Associate Lottie Brewster.
Tax advice was provided by Partner David Nisbet, Associate director Rob Thomas and Senior Associate Bridget Baillie. Employee incentives advice was provided by Senior Associate Sam Marriott and banking advice was provided by Head of Leveraged Finance Laurie Keel and Associate Jon Dodds.
Osborne Clarke advised Tenzing on its original acquisition of CitNOW in March 2018 and has, over the past two years, advised it on a number of bolt-on acquisitions. These include Dealerweb in 2020, Reef Business Systems and Quik Video in 2021 and, more recently, Web1on1 in 2022.
Osborne Clarke’s private equity team is considered the go-to practice for businesses in sectors including Tech, Media & Communication, and Mobility and Infrastructure. The firm works with leading global businesses, fast-growth start-ups and market challengers, advising at every stage of company development, from equity and debt fundraising to M&A, IPOs and JVs.
Osborne Clarke's Mobility and Infrastructure sector team advises on all aspects of established and emerging intelligent transport. This includes developments in technology, software and infrastructure that make urban mobility more efficient; electric vehicles and the development of autonomous vehicles, new electronic payment systems, smart airports and new business models. The team also advises on the emerging regulatory environment and investments into innovative companies which are driving the sector.