Capstreet-backed TradePending Acquires Snapcell
Adds video engagement tool to personalize car dealership interactions
CHAPEL HILL, N.C., Aug. 15, 2023 /PRNewswire/ -- TradePending, a sales enablement and consumer experience software platform for car dealerships, announced today that it has acquired Snapcell, a SaaS automotive video marketing platform that helps car dealerships build trust and improve customer engagement through personalized video solutions. Financial terms of the transaction were not disclosed. TradePending is backed by Capstreet, a Houston-based lower middle market private equity firm.
Founded in the U.K. in 2016, with U.S. headquarters in Tampa, FL, Snapcell provides a dynamic suite of visual solutions to automotive dealers worldwide to deliver a more efficient and effective purchase experience to their customers. Snapcell's communications platform offers a robust set of products to boost user engagement and support dealerships' sales, service and BDC departments.
"We believe Snapcell's solutions fit perfectly into our mission of 'simple automotive' by bringing dealers and consumers together," said Brice Englert, CEO of TradePending. "TradePending has always strived to bridge the information divide between consumers and dealers with easy-to-understand data about trade-ins and vehicles of interest. Now with Snapcell, we will be able to bring people together through personal video communication and genuine human interaction. We believe the addition of Snapcell will change the automotive sales and service experience for our dealers and improve trust, transparency, sales, and overall customer loyalty."
"The team at TradePending understands the importance of inspiring trust in automotive consumers, and we look forward to working together and leveraging their strong reputation in the auto industry," said Brent Williams, CEO and Founder of Snapcell. "Snapcell's solutions complement TradePending's existing tools, and by combining forces, we expect our customers to be better positioned to improve sales and operations across their dealerships."
"When it comes to an automobile purchase, 'seeing is believing,' and a real-time, personal video interaction is the next best thing to visiting a dealership in person," said Adrian Guerra, Partner at Capstreet. "We welcome the Snapcell team and look forward to continuing to support TradePending's growth."
Presidio Technology Partners acted as financial advisor to Snapcell in this transaction.
About TradePending
TradePending's mission is "simple automotive," bringing dealers and consumers together across North America. Over 4,000- dealerships across the United States and Canada utilize the company's sales enablement and website conversion platform to educate and inform their customers, to simplify and shorten the sales process, and to convert their website traffic into new opportunities. The platform includes integrated solutions for trade-in valuations and offers, monthly payment calculators, personalized video communications, creative inventory merchandising, and detailed vehicle reports. The TradePending API provides industry partners with proprietary market data to power their own products and services. https://www.tradepending.com
About Capstreet
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With over 45 platform investments and over 200 add-on acquisitions since inception, Capstreet's investment strategy is focused on utilizing its Capvalue Framework™ to help accelerate growth and profitability, and help create long term sustainable businesses. The majority of Capstreet's investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, www.capstreet.com.
Contact:
Lambert
Jennifer Hurson, 845-507-0571, [email protected]
Joanne Lessner, 212-222-7436, jlessner@lambert.com
SOURCE TradePending
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