Vector Capital acquires Patron Technology
Vector Capital, a private equity firm specialising in transformational investments in established technology businesses, has invested in event tech platform Patron Technology (Patron).
Patron offers a full-suite of event technology solutions for live, virtual, and hybrid events designed to transform the attendee experience. The company empowers event organisers at conventions, sports arenas, music venues, performing arts festivals, and other attractions to tailor their ticketing, mobile, experiential marketing, and cashless products to fit each of their vertical-specific needs. Patron's seasoned management team, led by Chief Executive Officer Marc Jenkins, is remaining with the business.
“We are excited to back Patron as they successfully navigate unprecedented, Covid-induced, market disruption in the live events industry,” says Rob Amen, Managing Director at Vector Capital. “Vector excels at investing during periods of significant dislocation and we believe Patron’s best-in-class product suite and proven executive team position it well to transcend this crisis. We are confident that our growth investment will enable Patron to not only outlast this global pandemic but to emerge stronger than ever on the other side of it.”
Jenkins says: “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 our 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 Covid-19, Patron’s expert team was able to pivot and develop a fully-integrated virtual events solution, complete with a suite of ticketing and experiential tools. With these features, in addition to the company’s already extensive technology toolkit, Patron became the first of its peers to offer a complete solution for any combination of online and in-person events.
“With a great set of products, a strong balance sheet, and a management team unparalleled in its industry, Patron is well positioned to grow over the coming years,” adds Tom Smith, Vice President at Vector Capital. “We look forward to partnering with Marc and his team as they continue to grow from this new position of strength and renewed investment.”