– USA, CT – etouches, a leading global provider of cloud event management software, today announced that it has closed a $20 million round of growth financing led by Argentum, a New York-based private equity firm, with participation of existing investors Level Equity and Connecticut Innovations, and new investors, including Chicago-based First Analysis, Argentum’s long-term partner.
The capital will be used primarily to accelerate the company’s global growth, fund strategic acquisitions, and further enhance the development of etouches’ global technology platform.
“We are gratified that our existing investors continue to support and invest in the growth of etouches and we welcome the support of our new investors,” said Oni Chukwu, CEO of etouches. “This new round of funding will enable us to continue to push forward globally, complete strategic acquisitions that deepens our entry into venue and hotel sourcing and introduce innovative data and ROI products that provide enterprise customers visibility on return on events that they have not previously enjoyed,” added Mr. Chukwu.
In connection with the transaction, Walter Barandiaran, Co-Founder and Managing Partner of Argentum, has joined etouches’ Board of Directors.
“The consolidation currently under way in the cloud event management software industry is narrowing the choices to a select few technology platforms, and the distinction among them, which is based on cutting-edge technology, product innovations, ease-of-use and data and marketing driven ROI, is becoming crystal clear to enterprise customers,” said Walter Barandiaran. “The etouches team has built a powerful technology platform and an innovative portfolio of products that positions the company well and we see a huge opportunity for etouches to capture a substantial portion of this very large and under-penetrated market sector,” added Mr. Barandiaran.
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