M&A Deal Summary

Vista Equity Partners and Enlightened Hospitality Investments Acquire Tripleseat

On March 4, 2020, private equity firms Vista Equity Partners and Enlightened Hospitality Investments acquired internet software and services company Tripleseat from Level Equity Management

Acquisition Highlights
  • This is Vista Equity Partners’ 35th and Enlightened Hospitality Investments’ 1st transaction in the Internet Software and Services sector.
  • This is Vista Equity Partners’ 106th and Enlightened Hospitality Investments’ 1st transaction in the United States.
  • This is Vista Equity Partners’ 12th and Enlightened Hospitality Investments’ 1st transaction in Massachusetts.
Investment Fate
  • Tripleseat was sold to a consortium of financial buyers in 2023.

M&A Deal Summary

Date 2020-03-04
Target Tripleseat
Sector Internet Software and Services
Buyer(s) Vista Equity Partners
Enlightened Hospitality Investments
Sellers(s) Level Equity Management
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 formed in 2008 and is based in Concord, Massachusetts.

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Buyer(S) 2

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 116 of 149
Sector (Internet Software and Services) 35 of 50
Type (Secondary Buyout) 27 of 35
State (Massachusetts) 12 of 17
Country (United States) 106 of 137
Year (2020) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 Globalization Partners

Boston, Massachusetts, United States

Globalization Partners is a global employment platform that simplifies remote team building by making it fast and easy for companies to hire anyone, anywhere, within minutes. Globalization Partners was founded in 2012 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-05 Gather Technologies

Atlanta, Georgia, United States

Gather Technologies, Inc. is a provider of event management software for restaurants and venues. Gather is re-imagining the way private events are planned, managed and executed, empowering thousands of restaurants and venues across the U.S. to successfully grow their events business. The cloud-based platform helps teams streamline their event sales and management workflow, from initial inquiry through day-of execution, simplifying event planning for mid-market venues and their customers.

Sell -
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 1 of 2
Sector (Internet Software and Services) 1 of 2
Type (Secondary Buyout) 1 of 2
State (Massachusetts) 1 of 2
Country (United States) 1 of 2
Year (2020) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-27 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 formed in 2008 and is based in Concord, Massachusetts.

Sell -

Seller(S) 1

SELLER

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 7 of 17
Sector (Internet Software and Services) 6 of 11
Type (Secondary Buyout) 4 of 5
State (Massachusetts) 1 of 2
Country (United States) 6 of 16
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-30 Powell Software

Paris, France

Powell Software provides workforce collaboration software to enterprises in the Microsoft Office 365 and SharePoint ecosystems. Powell’s intranet in-a-box solution makes Office 365 and SharePoint more user-friendly and customizable. Powell Software was founded in 2015 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-07 Groove

San Francisco, California, United States

Groove is a SaaS-based sales automation platform for account-based sales teams looking to run multi-touch campaigns. Groove was founded in 2014 and is based in San Francisco, California.

Buy -