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March 29 (Reuters) – Private equity firm Vista Equity is exploring the sale of Tripleseat in a deal it hopes will value the catering and event management software vendor at as much as $500 million, according to people familiar with the matter.
Vista is working with investment bank Raymond James Financial Inc (RJF.N) on an auction process for Tripleseat that is in its second round of bidding, the sources said.
Tripleseat generates around $60 million in annual recurring revenue, the sources added, requesting anonymity because the matter is confidential.
Spokespeople for Vista Equity and Raymond James declined to comment, while a spokesperson for Tripleseat did not return Reuters’ request for comment.
Based in Concord, Massachusetts, Tripleseat provides a catering and event management web-based platform for restaurants, hotels, and venues.
Vista Equity acquired Tripleseat in March 2020 and merged it with another portfolio company Gather, which also provides a sales and event management platform.
Level Equity, which led Tripleseat’s $7 million growth funding round in 2017, has remained a shareholder in the business.
Reporting by Milana Vinn in New York
Editing by Nick Zieminski
Our Standards: The Thomson Reuters Trust Principles.
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