M&A Deal Summary

Enlightened Hospitality Investments, Level Equity Management, General Atlantic and Vista Equity Partners Acquire Tripleseat

On April 27, 2023, private equity firm Enlightened Hospitality Investments, private equity firm Level Equity Management, growth capital firm General Atlantic and private equity firm Vista Equity Partners acquired internet software and services company Tripleseat from Enlightened Hospitality Investments and Vista Equity Partners

Acquisition Highlights
  • This is Enlightened Hospitality Investments’ 2nd, Level Equity Management’s 30th, General Atlantic’s 72nd and Vista Equity Partners’ 45th transaction in the Internet Software and Services sector.
  • This is Enlightened Hospitality Investments’ 2nd, Level Equity Management’s 49th, General Atlantic’s 159th and Vista Equity Partners’ 127th transaction in the United States.
  • This is Enlightened Hospitality Investments’ 2nd, Level Equity Management’s 4th, General Atlantic’s 16th and Vista Equity Partners’ 15th transaction in Massachusetts.

M&A Deal Summary

Date 2023-04-27
Target Tripleseat
Sector Internet Software and Services
Buyer(s) Enlightened Hospitality Investments
Level Equity Management
General Atlantic
Vista Equity Partners
Sellers(s) Enlightened Hospitality Investments
Vista Equity Partners
Deal Type Secondary Buyout

Target

Tripleseat

Concord, Massachusetts, United States
Tripleseat is a cloud-based sales and event management application that generates sales and streamlines the planning process for restaurants, hotels, and unique venues. It is the first web-based system created by restaurant event planners for restaurant event planners. Tripleseat was founded in 2008 and is based in Concord, Massachusetts.

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Buyer(S) 4

Buyer
DESCRIPTION

Enlightened Hospitality Investments (EHI) is a private equity fund that seeks to invest in hospitality focused companies. The Firm typically commits $10 to $25 million in non-control equity to help companies with several successful locations expand their businesses. Enlightened Hospitality Investments was founded in 2016 and is headquartered in New York, New York.


DEAL STATS #
Overall 2 of 2
Sector (Internet Software and Services) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Massachusetts) 2 of 2
Country (United States) 2 of 2
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-04 Tripleseat

Concord, Massachusetts, United States

Tripleseat is a cloud-based sales and event management application that generates sales and streamlines the planning process for restaurants, hotels, and unique venues. It is the first web-based system created by restaurant event planners for restaurant event planners. Tripleseat was founded in 2008 and is based in Concord, Massachusetts.

Buy -
Buyer

Level Equity Management

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2009
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Level Equity Management LLC is a private investment firm focused on providing equity and structured capital to growth businesses. Sectors of interest include e-commerce, healthcare services, IT, internet software, and media. Level Equity Management was formed in 2009 and is based in New York City.


DEAL STATS #
Overall 58 of 60
Sector (Internet Software and Services) 30 of 30
Type (Secondary Buyout) 7 of 9
State (Massachusetts) 4 of 4
Country (United States) 49 of 51
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-31 Logile

Southlake, Texas, United States

Logile Provides workforce management software and services to enable retail clients, primarily supermarkets, to optimize efficiency, enhance customer service, and increase profitability. Logile was founded in 2005 and is based in Southlake, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-31 WeSpire

Boston, Massachusetts, United States

WeSpire provides software for enterprises to manage complex ESG programs across a diverse/dispersed workforce. WeSpire was founded in 2010 and is based in Boston, Massachusetts.

Sell -
Buyer

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 330 of 343
Sector (Internet Software and Services) 72 of 74
Type (Secondary Buyout) 23 of 26
State (Massachusetts) 16 of 17
Country (United States) 159 of 163
Year (2023) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-20 OneOncology

Nashville, Tennessee, United States

OneOncology empowers community oncology practices with advanced tools and capabilities to help physicians deliver higher-quality cancer care to their patients, close to home, amidst a rapidly evolving cancer care ecosystem. OneOncology was founded in 2018 and is based in Nashville, Tennessee.

Sell $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-15 ATOSS

Munich, Germany

ATOSS is a provider of technology and consulting solutions for professional workforce management and demand-optimized personnel deployment. The company provides classic time management, mobile apps, a detailed determination of personnel requirements, sophisticated resource planning, or strategic capacity and requirements planning. Its workforce management solutions make a measurable contribution to added value and competitiveness for around 15,000 customers in more than 50 countries. Customers include companies such as ALDI SÜD, Coca-Cola, Deutsche Bahn, Douglas, Edeka, HUK-COBURG, Leverkusen Clinic, Lufthansa, Schmitz Cargobull, Sixt, the city of Regensburg, thyssenkrupp Packaging Steel and W.L. Gore & Associates. ATOSS was founded in 1987 and is based in Munich, Germany.

Buy -
Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


DEAL STATS #
Overall 138 of 149
Sector (Internet Software and Services) 45 of 50
Type (Secondary Buyout) 31 of 35
State (Massachusetts) 15 of 17
Country (United States) 127 of 137
Year (2023) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-25 Benchmark Gensuite

Mason, Ohio, United States

Benchmark Gensuite enables companies to implement cross-functional digital systems for EHS, Sustainability, and ESG Reporting through a unified digital platform—locally, globally and across diverse operating profiles. With configurations, and powerful extensions, the Benchmark Gensuite platform helps companies worldwide manage their EHS, Sustainability; Quality; Operational Risk and Compliance; Product Stewardship, and Supply Chain Risks. Benchmark Gensuite is based in Mason, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-08 Resilinc

Milpitas, California, United States

Resilinc is a supply chain mapping, disruption sensing, and resiliency analytics company. The company's early-warning alert system monitors and predicts potential disruptions across suppliers, sites, and materials; platform enables them to collaborate closely with their suppliers and historical data-backed insights give them options on appropriate actions to take. Resilinc is based in Milpitas, California.

Buy -

Seller(S) 2

SELLER
DESCRIPTION

Enlightened Hospitality Investments (EHI) is a private equity fund that seeks to invest in hospitality focused companies. The Firm typically commits $10 to $25 million in non-control equity to help companies with several successful locations expand their businesses. Enlightened Hospitality Investments was founded in 2016 and is headquartered in New York, New York.


DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-04 Tripleseat

Concord, Massachusetts, United States

Tripleseat is a cloud-based sales and event management application that generates sales and streamlines the planning process for restaurants, hotels, and unique venues. It is the first web-based system created by restaurant event planners for restaurant event planners. Tripleseat was founded in 2008 and is based in Concord, Massachusetts.

Buy -
SELLER

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


DEAL STATS #
Overall 68 of 70
Sector (Internet Software and Services) 19 of 20
Type (Secondary Buyout) 17 of 17
State (Massachusetts) 3 of 4
Country (United States) 63 of 65
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-25 Benchmark Gensuite

Mason, Ohio, United States

Benchmark Gensuite enables companies to implement cross-functional digital systems for EHS, Sustainability, and ESG Reporting through a unified digital platform—locally, globally and across diverse operating profiles. With configurations, and powerful extensions, the Benchmark Gensuite platform helps companies worldwide manage their EHS, Sustainability; Quality; Operational Risk and Compliance; Product Stewardship, and Supply Chain Risks. Benchmark Gensuite is based in Mason, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-08 Resilinc

Milpitas, California, United States

Resilinc is a supply chain mapping, disruption sensing, and resiliency analytics company. The company's early-warning alert system monitors and predicts potential disruptions across suppliers, sites, and materials; platform enables them to collaborate closely with their suppliers and historical data-backed insights give them options on appropriate actions to take. Resilinc is based in Milpitas, California.

Buy -