Private equity firm HGGC has acquired Etouches, a venue sourcing and event management software maker, for an undisclosed amount. The investment from the PE firm is intended to help Etouches “expand services and enhance its technology to win a greater share of the $6 billion global EMS market,” according to the company.
Etouches provides customers across multiple industries with software for sourcing venue options and managing their own events. The Norwalk, Connecticut-based target develops software that brings together hotel and venue sourcing, event marketing and content, registration and logistics, engagement and mobile, data analytics, and return on investment tools. Etouches services more than 1,300 customers with its data and analytics-driven technology, including: Dell Inc. (Nasdaq: DELL), Ikea, Volkswagen, Audi, and Ticketmaster. The target has offices in the U.S., the U.K., Belgium, Australia and United Arab Emirates. The previous owners of Etouches have maintained a minority stake in the business as part of the deal.
HGGC is a middle-market private equity firm based in Palo Alto, California with more than $4.25 billion in capital commitments. The PE firm was founded in 2007 as Huntsman Gay Global Capital, named after two investors: Jon Huntsman Sr., chairman of chemical maker Huntsman Corp. (NYSE: HUN), and Robert Gay, a leader in the Church of Jesus Christ of Latter-Day Saints. Recently, HGGC acquired the online marketing research company Instantly Inc and insurance claims provider Davies Group. In December 2016, the firm also closed its third fund with aggregate capital commitments of $1.84 billion.
Technology and software deals are indeed thriving throughout the middle market. Francisco Partners recently acquired a majority stake in SmartBear Software, a company that makes tools for software developers; Cisco Systems Inc. (Nasdaq: CSC) is buying network management provider Viptela; Golden Gate has agreed to purchase interior design software maker 2020 Technologies; and Community Brands has bought Abila, a software provider for associations and non-profit organizations from private equity firm Accel-KKR.