Patron Technology, the parent company of brands including ShowClix, PatronManager, and GrowTix, has been acquired by private equity firm Vector Capital.
The deal will see Vector Capital acquire Patron Technology and its suite of event technology solutions across a range of live, virtual, and hybrid events for clients that include conventions, sports properties, music, festivals, performing arts and attractions.
The Pennsylvania-headquartered firm’s entire management team and staff will remain in place to continue to operate the company on a day-to-day basis.
The financial details of the deal have not been disclosed.
Rob Amen, managing director at Vector Capital, said: “With Patron Technology, we saw an opportunity to back the leading platform and a seasoned management team.
“Vector excels at investing during volatile times, and our thesis is that only the best products and most talented executives will survive this dislocation and emerge as market leaders. We are confident that our growth investment will enable Patron Technology to not only outlast this global pandemic but become stronger on the other side of it.”
Patron Technology works with event organisers, such as the World Science Festival, The American Shakespeare Centre and The King’s Academy Theatre Company, to help them tailor their ticketing, mobile, experiential marketing, and cashless products to fit their vertical-specific needs.
Marc Jenkins, chief executive of Patron Technology, added: “This is an exciting and important day in our company’s history. It kicks off a fresh, new partnership alongside the thoughtful investment team at Vector. We are eager to work with them to propel the business through the age of social distancing and beyond. I’m extremely proud to be part of such an amazing team, past and present, that works tirelessly to serve our world-class clients.”
In response to the COVID-19 crisis, Patron was able to pivot and develop a fully integrated virtual events solution with a suite of ticketing and experiential tools.
Tom Smith, vice-president at Vector Capital, said: “With a great set of products, a strong balance sheet, and an unparalleled management team, Patron Technology is well positioned to grow over the coming years. We look forward to partnering with Marc and his team as they continue to grow from this new position of strength and renewed investment.”
Vector Capital is a leading global private equity firm specialising in transformational investments in established technology businesses.