It brings us great satisfaction to exit a founder-led business. Partnering with entrepreneurs to help them realize their vision and achieve scale has been core to Vista’s investment approach since inception. We are pleased to announce Vista’s partial sale of our stake in Tripleseat. We will retain a minority stake in the go-forward business, as we continue to grow the leading event management software and integrated payments solution for the hospitality industry.

In August of 2017, Vista acquired Gather Technologies, Inc. (“Gather”), an event management software provider for restaurants and venues. In February of 2020, Vista acquired Tripleseat and merged it with Gather. Our vision was to accelerate the combined company’s product roadmap and increase scale by creating an all-encompassing event management experience for a large addressable market of full-service restaurants, hotels and other unique venues. The Company has since operated under the Tripleseat brand with Tripleseat Co-Founder Jonathan Morse as CEO.

Within weeks of the acquisition, COVID-19 hit. Few industries were more impacted than hospitality. From a loss in event bookings and revenue to a new takeout- and delivery-only model, these businesses were experiencing a rapidly changing business environment. Like several Vista investments, we are especially proud of our partnership with Tripleseat during this time, helping its founding team and customers not only endure unprecedented market disruption – but emerge stronger on the other side.

When lockdowns began, Tripleseat supported customers with payment relief and expanded payment processing product offerings while rolling out new features to help restaurants facilitate delivery and takeout services through its platform. We worked with Jonathan and his team to implement value creation initiatives to strengthen the business including a detailed customer health scoring program to improve customer outreach and collections, maintaining lost-only retention through enhanced customer enablement and creating an install-base focused sales role to drive location whitespace opportunity capture.

In addition, Tripleseat accelerated integration and implemented key recruiting, hiring and training best practices to support the Company’s growth plan upon market rebound. As a result, in 2021, run-rate revenue grew by 55%, bookings doubled and Tripleseat exceeded target performance metrics.

Tripleseat is a compelling example of Vista partnering with a founding team to execute against both inorganic and organic growth levers to achieve scale. This partial exit – along with other Endeavor realizations in SecureLink, Zapproved and Fusion Risk Management – is a testament to the power of our ecosystem of knowledge, resources and relationships, and our ability to leverage that ecosystem to create value for our companies and Limited Partners.