Global provider of cloud event management software etouches has been acquired by HGGC, a middle market private equity firm. Etouches expects this investment will significantly enhance its data-driven cloud solution for venue sourcing, event management, and attendee engagement.
Based in Norwalk, CT, etouches uses data to allow event organizers to realize greater ROI from conferences with an "end-to-end" cloud platform that brings together hotel and venue sourcing, event marketing and content, registration and logistics, and data analytics. Its more than 1,300 global customers include Lufthansa, Mastercard, Ticketmaster, Mazda, and NPR.
"We are very excited to partner with HGGC as we continue to enhance our offering and capitalize on the large whitespace in the market" said Oni Chukwu, CEO of etouches. "The HGGC team's experience in marketing technology gives them a very sophisticated understanding of the opportunity in front of us as enterprises transition from single-point solutions to a suite of solutions that manage the entire event lifecycle."
Over the past two years, etouches has been doing quite a few acquisitions of its own. In 2015, it acquired mobile company Tapcrowd and inEvention, an asset transaction for venue sourcing IP. In 2016, it acquired Zentila, a venue sourcing platform, and Loopd, the on-site data driven wearable device, earlier this year.
Over the past 12 months, etouches has executed 46,000 events totaling 5.8 million registrations, and assisted over 25,000 event professionals since its founding in 2008. Steve Young, cofounder and managing director of HGGC, stated that its acquisition of etouches will help to accelerate this growth.
"Because we see etouches as a growth investment just starting to reach its potential, we've made this acquisition without leverage and are putting cash on the balance sheet to ensure nothing slows the company's trajectory," said Young. "Under Oni's leadership, etouches has become a premier provider of EMS and venue sourcing solutions, more than doubling revenues since 2014."
Several major product upgrades that were in progress before the acquisition will be brought to market this year. In addition, several innovative product initiatives will be accelerated with this influx of capital.
"HGGC's investment in etouches validates the importance of technology in the event and meeting management market," added Matthew Fish, CFO of etouches. "The market as a whole will benefit from having more choices, especially at the enterprise level, and can look forward to more innovation being driven by exciting and well-positioned leaders like etouches."