Restaurant and Hotel Management Platform Tripleseat Acquired by Vista Equity Partners
Tripleseat, a web-based sales and event management technology solutions for restaurants, hotels, and unique venues, announced an acquisition by Vista Equity Partners ("Vista"), an 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.