Norwalk-based etouches, a provider of cloud event management software and sourcing solutions, was acquired by HGGC, a private equity firm co-founded by Greenwich native Steve Young and headquartered in Palo Alto, California.
The terms of the transaction were not disclosed, although HGGC said that etouches was the final platform investment made from its $1.33 billion second fund. It is also the seventh marketing services technology platform that HGGC invested in, following AutoAlert, Dealer FX, Integrity, MyWebGrocer, Selligent, and SSI.
In a statement released by the companies, HGGC’s acquisition is being positioned to “help etouches significantly expand its business and further invest in its market-leading cloud platform to win a greater share of the $6 billion event management software (EMS) and venue sourcing market.”
Farouk Hussein, principal at HGGC, noted that event management is “an enormous business expense, accounting for up to 3 percent of total revenue and nearly a quarter of all B2B marketing budgets – approximately $14 billion.”