The Atlanta-based software firm Gather, specializing in conference and events management startup, has reportedly managed to successfully secured a strategic investment from a private equity firm based in Austin, Texas. The equity investment will help the firm in performing its role to help restaurants and venues across the Georgia capital manage and grow their events.
The aforementioned investment was made by Vista Equity Partners, an Austin-based private equity firm, which has a history of investing in software and technology focused businesses across the country. The firm was founded in 2000, and currently has Robert F. Smith as CEO.
Gather has remained tight-lipped about the investment; refusing to reveal any details about it, but, there have been reports from third parties giving insight to the transaction. According to Axios Media, the investment totals in at about $55 million, and that Vista Equity also went and took out the conference and events management startup firm’s early investors in the process.
The investment is set to help Gather continue their current growth, and is expected to, at least, double the company’s current workforce as the company moves into the next year, which is estimated to be somewhere in the 50+ region.
Gather’s claim to fame is its cloud-based conference and events management software which is designed to help businesses and venues across Atlanta, Georgia manage and grow their event programs into new, viable revenue sources via improving sales, and streamlining the workflow, starting from the initial inquiry for the event planning, up to the day-of execution and payments.
According to Gather’s CEO, Nicholas Miller, the company’s formation came due the hospitality industry’s increasing use of technology to streamline operations, with many restaurants and venues taking note of event programs, which he says accounts for around 20% to 30% of revenue, as the most lucrative aspect to optimize.
He says that, for the venues that hire it, Gather acts as the Customer Relationship Management and workflow platform, so they can do everything needed for their private events business aspect, as well as streamlining the typical event planning process.
Prior to this large investment, Gather raised $3 million this year, which was preceded by a $2.5M investment from Storm Ventures and Ludlow Ventures.