Private Equity-backed Buyer Will Speed up SaaS Progress
PORTLAND, Ore., April 26, 2022 /PRNewswire-PRWeb/ — Eleven Software Inc. introduced currently it has been obtained by Ven Cash Partners, an market-focused private fairness business.
Launched in 2002, Eleven is a leader in cloud program for the hospitality, multifamily, and group Wi-Fi sectors. Its ElevenOS system permits resort and retail manufacturers, apartment, and condominium complexes, as effectively as local communities to offer you dependable Wi-Fi connectivity encounters about the globe in above 50 countries with 20 million product connections each individual working day.
ElevenOS is the #1 Wi-Fi connectivity system for brand names about the globe, enabling a reliable connection knowledge regardless of the Wi-Fi company supplier or fundamental community hardware. Brand names have also been leveraging Eleven to expand their in-property loyalty applications by way of indicator-ups as section of the Wi-Fi relationship working experience, creating 10x enrollments in contrast to conventional acquisition channels. The Eleven multifamily alternative enables cable and telecom operators to supply Wi-Fi as an amenity for flats, condominiums, and scholar housing. And municipalities can leverage the Eleven Passpoint answer to supply automated, hassle-free, and protected connectivity for citizens and site visitors alike to take pleasure in an normally-related most important street.
“We couldn’t be far more thrilled with the acquisition by Ven Capital. Their impressive portfolio of buyers, accessibility to cash, and focus on our main industries will produce amazing prospects for our buyers and workforce,” commented Peri Pierone, the outgoing Eleven CEO. “We are observing an ever more much more strategic method to Wi-Fi for networks exterior the residence and office environment, and with Ven’s money backing, Eleven is effectively positioned to accelerate its development trajectory and become the entire world chief.”
Ven Capital’s acquisition builds on Eleven’s regular observe document of offering innovation in the Wi-Fi management sector. “Eleven has a solid popularity as a current market chief and the firm’s extraordinary expansion positions it well for the up coming chapter,” said Hannah Greenberg, Handling Lover for Ven Funds and incoming Eleven CEO. “The firm’s society, document of innovation, and perseverance to its blue-chip clients designed this an straightforward investment final decision for our firm and our traders.”
Eleven will keep the overall staff and continue on to operate out of its headquarters in downtown Portland, Oregon.
Economical conditions have been not disclosed.
ABOUT ELEVEN Program
Eleven is a chief in cloud-based mostly Wi-Fi management alternatives for the hospitality, multifamily, and local community marketplaces. It was established in 2002 by Josh Friedman, Andrew Yorra, and Josh Blank to solve the complexities of community entry Wi-Fi networks. Friedman and Yorra grew the firm alongside one another more than its two decades, rising every single one yr, and led the divestitures of its non-core company enterprises in 2016 to create a return for investors and aim on the core computer software organization. The firm’s customers include things like huge manufacturers like Hilton and Marriott, as nicely as main telecom carriers like Constitution Communications, AT&T and British Telecom. Eleven a short while ago surpassed 7B authentications per year, 10K houses with 1.5M doorways in 50+ countries, and 40 workers. Proudly started and centered in Portland, Oregon, Eleven has been rated by the Oregonian as a ‘Top Position to Work’ in 2020 and 2021. Go through additional at elevensoftware.com.
ABOUT VEN Cash Partners
Ven Capital Companions is a non-public financial commitment business centered on mission crucial technologies in hospitality and adjacent industries. Investment associates consist of Pacific Lake Associates, Miramar Equity Partners, and Bain Cash Credit.
Lisa Hopkins, Eleven Program, +1 (971) 242-4842, [email protected]
Source Eleven Computer software