Wokingham Today

Auto video tech pioneer plans expansion


A WOKINGHAM company is celebratin­g its 10th anniversar­y by ramping up its internatio­nal expansion.

British automotive video technology pioneer CitNOW has secured investment from private equity firm, Tenzing.

Already operationa­l in 49 countries globally, it works with 42 OEMs and now aims to boost its influence across Europe.

The company said that thanks to rapid growth during the last three years, it has increased its number of dealership installati­ons by 55% in 2016, with the figure rising by another 39% to 7,400 by the end of 2017. In the UK alone, the 3,200 dealer sites using CitNOW produced more than six million personalis­ed videos for customers last year.

Over the next three years, CitNOW said it aims to maintain its leadership position in the automotive video market, with the biggest growth expected to come from the 21 European countries already using the brand’s products.

Its primary focus will remain on the UK and European markets, including the opening of CitNOW’s sixth European inmarket organisati­on to manage the Nordic and Baltic regions.

Meanwhile, the backing of Tenzing is expected to generate an increase in the CitNOW workforce of a third over the next 12 months, as the company continues to invest in its technology platforms and personnel.

The investment will necessitat­e a restructur­e of the CitNOW board, but the fundamenta­l running of the business will be unaffected, with CEO Alistair Horsburgh retaining overall day-to-day control and ex-Sytner operations director Geoffrey Page-Morris taking a more active role as executive chairman.

Mr Page-Morris said: “I was a big advocate of CitNOW during my time at the Sytner Group and the company’s success, leadership and evolution over the last few years is testament to the work of the senior management team and a satisfying vindicatio­n of my faith in its concept. CitNOW already holds a commanding position of leadership in the automotive video sector and the potential for the brand remains huge, so this is an exciting time for all of us.”

CitNOW has also been backed by banking firm, Santander during the recent period of growth and will continue to be funded by the company until at least next year.

Philip Mason, Director, Growth Capital at Santander, said: “Tenzing’s investment in CitNOW is testament to the management team and how it has fulfilled the potential that Santander, Growth Capital, recognised when we provided initial funding in 2014.

“Reflecting the positive dynamics for CitNOW in the automotive market, it has been a pleasure to continue to support the business as it has flourished and I look forward to maintainin­g this relationsh­ip as the business progresses.”

CitNOW CEO, Alistair Horsburgh, said: “We have reached the beginning of a new chapter in CitNOW’s developmen­t, one of the most exciting since the company was formed in 2008.

“We chose Tenzing because they were a perfect fit for our business at its stage of growth.

For more, visit citnow.co.uk

 ??  ?? CitNOW CEO Alistair Horsburgh is delighted that the company has secured investment from private equity firm Tenzing
CitNOW CEO Alistair Horsburgh is delighted that the company has secured investment from private equity firm Tenzing
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