Restaurant and Hotel Management Platform Tripleseat Acquired by Vista Equity Partners
CONCORD, Mass., March 4, 2020 /PRNewswire/ -- Tripleseat, the leading web-based sales and event management technology solutions for restaurants, hotels, and unique venues, today announced an acquisition by Vista Equity Partners ("Vista"), a leading investment firm focused on enterprise software, data and technology-enabled businesses. Through the acquisition, Gather, already owned by Vista, will be merged with Tripleseat. The merger will bring together the sales and event management platforms of Tripleseat and Gather with software solutions that streamline and simplify event booking and management, while also enabling further technology enhancements and innovation for their customers.
The combined company will operate under the Tripleseat brand. Jonathan Morse, Tripleseat's Co-founder and CEO, has been named CEO of the combined business. Nicholas Miller, Cofounder and CEO of Gather, will assume the role of Board Advisor and work with the management team through the transition to a single company. The headquarters for the combined company will be in Concord, Massachusetts with a significant office presence in Gather's former headquarters in Atlanta, Georgia.
"By merging the two companies, we will now have the opportunity to create even greater value for the thousands of event and sales operators that use Tripleseat and Gather applications every day," said Tripleseat CEO Jonathan Morse. "We are excited to join forces with the Gather team, who share our belief in the immense opportunity to utilize technology solutions to transform the way events are booked and managed."
The merger is supported by an investment from Vista's Endeavor Fund, which focuses on accelerating the success of high-growth enterprise software, data and technology-enabled businesses, and Enlightened Hospitality Investments, the growth equity fund affiliated with Danny Meyer's Union Square Hospitality Group.
"Today's restaurants, hotels and event venues depend on strong group booking platforms to drive value and build long-standing customer relationships. Merging Gather with Tripleseat will create enormous value for clientele throughout the hospitality industry who depend on mission-critical enterprise software," said Alan Cline, Senior Managing Director and Co-Head of the Vista Endeavor Fund. "We're excited to support the combined company as it continues on the path of growth and innovation."
Level Equity, an investor in Tripleseat since 2017, will continue as a significant shareholder in the combined business. "In Tripleseat, we saw an opportunity to back a founding team with deep domain expertise in hospitality software and an exceptional rate of capital efficient growth," said Ben Levin, co-founder of Level Equity. "It has been exciting to watch Jonathan and his team triple revenues over the last two years and we are thrilled to continue on as a large shareholder in the combined business."
Based in New York and San Francisco, Level Equity is a growth equity firm managing $1.7 billion and focused exclusively on providing capital to rapidly growing, capital efficient software and other technology companies. Bridge Bank, a division of Western Alliance Bank, Member FDIC, extended a credit facility to the combined company as part of the transaction.
About Tripleseat
Tripleseat is a sales and event management platform that helps restaurants, hotels, and unique venues streamline the planning process and increase event sales. Tripleseat was founded in 2008 by Jonathan Morse and Kevin Zink. To date, the Tripleseat platform has helped venues book over 8 million events and captured $10 billion in event leads. More than 63,000 restaurant and hotel event and sales managers use Tripleseat every day to book and manage the perfect events for their customers. To learn more, please visit www.tripleseat.com.
About Gather
Gather is a sales and event management platform bridging technology and hospitality, transforming the way events are booked, planned, managed, and executed. Its event platform and marketplace help national brands, hospitality groups, and independent venues of all sizes increase exposure, streamline booking management, and power long-term growth. Since being founded by Nicholas Miller, Alex Lassiter, and Tom Merrihew in 2013, Gather has amassed a client roster of more than 5,500 venues nationwide and powered millions of events. To learn more, visit gatherhere.com.
About Vista Equity Partners
Vista is a leading investment firm with offices in Austin, Chicago, New York City, Oakland, and San Francisco and more than $52 billion in cumulative capital commitments. Vista exclusively invests in enterprise software, data, and technology-enabled organizations across private equity, credit, public equity, and permanent capital strategies. As a value-added investor with a long-term perspective, Vista contributes professional expertise and multi-level support towards companies to realize their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity.
Media Contacts:
Tripleseat
Seth Menacker
201-638-7561
235139@email4pr.com
Vista Equity Partners
Dafna Tapiero
202-776-7776
vista@laurelstrategies.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/restaurant-and-hotel-management-platform-tripleseat-acquired-by-vista-equity-partners-301016126.html
SOURCE Tripleseat
