Clearwater ran the lender education process to raise acquisition debt to support the Raymond James led sale of CitNOW to Livingbridge. The sale marks an exit for investor Tenzing.
CitNOW is a global, vertical SaaS platform of scale providing a suite of front-office products to automotive dealerships. Tenzing invested in the business in February 2018 and has supported its growth organically and through acquisitions throughout its four-year tenure.
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.
Tenzing has high conviction about the additional value CitNOW can create and has materially reinvested from both Tenzing Fund II and Tenzing Belay alongside Livingbridge.
The debt facilities, which were raised from Barings, supports Tenzing’s exit and provides the shareholders of CitNOW with the support it needs to continue with its growth strategy with Livingbridge’s backing.
