Connecticut-based global provider of cloud event management software and sourcing solutions, etouches, has been acquired by private equity firm HGGC. The sum involved has not been disclosed.
Analysts said new investment would likely help etouches significantly expand its business in the US$6bn Event Management Software (EMS) and venue sourcing market.
etouches employs a data-and-analytics-driven focus to provide real-time insights, customer engagement and smart solutions to more than 1,300 global customers including Lufthansa, Dell, IKEA, Volkswagen/Audi, Ticketmaster, BNP Paribas, National Australia Bank, and Mazda. The company has offices in the US, UK, Belgium, Australia, Singapore and United Arab Emirates.
“We are very excited to partner with HGGC as we continue to enhance our offering and capitalise 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.”
“Under Oni’s leadership, etouches has become a premier provider of EMS and venue sourcing solutions, more than doubling revenues since 2014,” said Steve Young, co-founder and MD of HGGC, a Palo Alto, Calfornia-based equity firm with over $4.3bn in cumulative capital commitments. “We’re confident that the additional resources we can bring to bear will accelerate etouches’ already impressive growth and outpace the competition.
“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.”
etouches CFO Matthew Fish told CN: “With HGGC’s acquisition, we are excited for the opportunity to expand our product, business and offerings even further in the event and meetings space. With this investment, HGGC helped to validate the importance of the event management technology space. For the past two years, our focus was on ensuring we have all the features and products necessary to have a top tier event management software platform. We are now moving to the next phase, beginning with our acquisition of Loopd, of bringing to market compelling features and functionality that will truly separate us from the rest of the competition.”
Over the past 12 months, etouches has executed 46,000 events totalling 5.8m registrations.
“Most people don’t realise that event management is an enormous business expense, accounting for up to 3% of total revenue and nearly a quarter of all B2B marketing budgets—approximately $14bn,” said Farouk Hussein, principal at HGGC. “Organisations are hungry for a broad solution set that can be used by multiple stakeholders to address all event management needs, as well as a centralised data source that is critical for event analytics. etouches provides that solution, which tracks real-time customer engagement, drives overall lower event costs and increases ROI and productivity.”