eTix Announces Growth Investment from Parthenon Capital Partners
MORRISVILLE, N.C., July 20, 2017 /PRNewswire/ -- eTix, a leader and innovator in ticketing software and solutions, announced today it has completed a growth-oriented recapitalization with Parthenon Capital Partners (Parthenon), a private equity firm with offices in Boston and San Francisco. The transaction provides eTix with access to the capital necessary to drive further innovation and ensure it continues to offer an industry-leading ticketing solution. This investment marks the first time eTix has taken on institutional funding – having been independently profitable since 2004.
eTix was founded in 2000 to bring flexible, robust, deeply-featured omni-channel ticketing software and services to mid-sized venues and live events. eTix's customer-first philosophy is centered on an open and aligned approach to customer data, marketing services partnerships with customer venues, a deeply committed customer service organization, and fair and transparent pricing. The Company's scalable technology platform processes more than 50 million tickets per year in 40 countries including successfully supporting some of the industry's largest and most complex on-sales.
"Our new partnership with Parthenon will allow eTix to continue its growth trajectory and continue to build upon our history of industry leading customer service and innovation," said Travis Janovich, founder and CEO of eTix. "This transaction is a testament to our employees' hard work, dedication and commitment to focusing on our customers and building our business. We are excited to have found a partner who shares our commitment to building the industry's most robust and flexible event ticketing platform. This is an important period in the ticketing industry's evolution and we are excited to have the opportunity to invest even more aggressively in eTix's growth and expansion."
Today, eTix is an industry leader in developing and delivering award-winning and innovative ticketing and business management solutions and services to venues of all sizes and ticketing needs. As the live entertainment and event industry continues to grow and as consumers continue to demand improved mobile and ecommerce experiences, eTix's flexible, cloud-based, mobile-friendly platform is well positioned for growth. The company compliments its solution portfolio with a comprehensive suite of digital marketing services for customer venues through its Rockhouse agency, and with an industry-leading reputation for live in-person event services and support.
Paxton Badham, eTix's President continued, "We plan to stay true to what has made eTix successful over the last 17 years; fulfilling our mission of providing superior ticketing, marketing and service solutions for our clients and their customers."
Brian Golson, Managing Partner and Co-CEO at Parthenon said, "After a multi-year search for the right partnership in the ticketing software landscape, we're thrilled to partner with Travis Janovich, Paxton Badham and the eTix executive team to aggressively grow the company. eTix is poised to continue to build upon its leadership position in the fragmented ticketing middle market." Zach Sadek, Partner at the firm, remarked, "We are impressed with the eTix team, their robust and full-featured technology platform, and their commitment to technological innovation. We're looking forward to assisting the company as it continues to execute on growth opportunities across many different customer industries."
In addition to continuing eTix's tradition of innovation and industry-leading customer service, eTix plans to grow through acquisition. "With the addition of Parthenon as our capital partner, we see acquisition, as well as organic growth, as an opportunity to continue to strengthen our business. Acquiring other ticketing companies with complementary customer bases and technology systems and partnering with their management teams and employees creates an opportunity for additional growth for both eTix as well as the partner businesses," said Travis Janovich. Jim Chappell, Vice President at Parthenon, added, "Parthenon looks forward to supporting the eTix executive team as they continue to grow by partnering with other strong ticketing platforms across the fragmented ticketing software market."
About eTix
Founded in 2000, eTix is an international, web-based ticketing service provider for the entertainment industry, processing more than 50 million tickets per year in 40 countries. Our mission is to provide superior ticketing, marketing and service solutions for our clients and their customers. As the largest independent midmarket ticketing company in North America, eTix has been providing flexible and secure ticketing solutions, digital marketing services, and robust e-commerce fulfillment for over 17 years. eTix is proud to work with 1,800 venues, including theaters, arenas, festivals, fairs, performing arts centers, casinos and more. Headquartered in Morrisville, NC, eTix has offices in Austria, China, Germany, Holland and Japan, as well as a full-service digital marketing agency in Morrisville, NC.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in technology-enabled services industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any software, technology or service business with a strong value proposition and proprietary know-how. Parthenon specializes in consolidation driven investments and has supported its portfolio companies in completing over 100 follow-on acquisitions in the last five years. For more information, visit www.parthenoncapitalpartners.com.
SOURCE eTix
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