Private equity group takes stake in ShowClix
Downtown digital ticketing service ShowClix announced Monday that it had received strategic funding from Providence Strategic Growth, a branch of a private equity group with over $50 billion in assets under company management.
The details of the agreement were not disclosed.
ShowClix was founded in 2007 by Joshua Dziabiak and Lynsie Campbell as a database for event registrations, but has since blown up to become the dominant cloud-based service for full-service event ticketing including not just sales but marketing and on-site operations for partners.
The company is known for its industry innovations, such as the first iOS ticket scanner and an original handheld radio frequency identification (RFID) admissions solution, which uses electromagnetic fields to instantly identify and track tags attached to objects.
While an airline may use RFID to track bags, ShowClix leverages the identification designs to quickly scan event attendees into events by pulling out their “ticket” on their smartphone.
Ms. Campbell, who is now developing a bike lane-mapping app called LaneSpotter, characterized the transaction, and the lifespan of her work with ShowClix as a “long, strange trip” in an email.
“The other night, after putting my son to bed, I sat down and decided to watch a documentary about The Grateful Dead,” she said. “When the opening screen appeared, three words faded in: ‘LONG STRANGE TRIP.’
“I couldn’t help but laugh, because that’s exactly what ShowClix has been.”
She continued, “It’s hard to believe that, after 10 years, it’s not ‘ my company’ anymore. That said, I’m super excited to watch it become everything I ever wanted it to be, but couldn’t do with our previous funding.”
In the past, ShowClix has received at least $5.15 million in funding from six investors, according to Crunchbase, a business information platform for
self-reported funding.
ShowClix CEO Tom Costa will retire but maintain a position as senior adviser. Brian Arnone of ShowClix will be promoted to president and COO.
Since 1989, Rhode Islandbased Providence has invested in over 160 companies and has global locations in London and Hong Kong.
With its internalized ticketing platform, which covers all types of events from free concerts to movie tickets or gallery openings, to name a few, ShowClix has processed over a billion dollars in ticket sales across 37 countries.
“We’ve dedicated ourselves to going beyond simple event ticketing and ensuring the success of our clients, and it is energizing to find a partner like PSG who shares our commitment to the growth of the event technology industry,” Mr. Arnone said in a release.