Evention Announces Strategic Growth Investment from Equality Asset Management
Investment Will Support Evention's Domestic and International Growth
CHICAGO, June 23, 2022 /PRNewswire/ -- Evention LLC ("Evention"), a leading provider of software to hotels, restaurants, and retailers, announced today that it has secured an investment from Equality Asset Management ("Equality"), a Boston-based growth equity firm. Evention will continue to be led by its founders and Co-Managing Partners, Mike Baldinger, Erik Nejman, and Brian Roth. Financial terms were not disclosed.
"Evention has been providing financial automation software that improves accuracy, reduces operating costs, and enables compliance for more than 15 years," said Mike Baldinger, Evention Co-Founder and Managing Partner. "We're experiencing rapid growth fueled by new products, market expansion, and the macro shift to improve and automate financial processes."
"This partnership allows Evention to continue its mission of empowering our customers with financial and back-office automation," added Erik Nejman, Co-Founder and Managing Partner. "Equality has tremendous experience supporting growth software companies like Evention and we're excited to welcome them as a partner to our company and to our amazing customers across the globe."
"Mike, Erik and I are thrilled about Evention's next chapter of growth and continuing to build upon our long track record of success," noted Brian Roth, Co-Founder and Managing Partner.
Evention was founded in 2004 to solve the data and payroll complexities associated with tips and gratuity calculations. Initial customers were single-location hotels, but management companies and global hospitality and retail brands followed. Today, the Company has thousands of customers across verticalsutilizing its cloud-based automation solutions for accounting, payroll, and other financial transactions, reducing administrative time, and increasing profitability. Evention's growing product portfolio, as well as international presence, positions it as a trusted partner to some of the biggest names in hospitality, restaurants, and retail.
"Finance and accounting offices are undergoing a modernization that is driving demand for software products that provide clear ROI," said Oscar Loynaz, Principal at Equality. "Evention streamlines mid and back-office processes while improving transparency and employee engagement. We're excited to partner with Mike, Erik, Brian and the team at Evention to support their continued success and accelerating growth."
"Evention's focus on building highly valuable automation software that meets the needs of complex operating environments has enabled the Company to serve global brands with very high customer satisfaction" said Jeff Del Papa, Co-Founder and Managing Director at Equality. "With a broadening product portfolio, deep domain expertise, and global footprint, Evention is very well positioned to support customers as they seek the benefits of automation. "
McDonald Hopkins acted as legal advisor to Evention. Goodwin Procter LLP acted as legal advisor to Equality.
About Evention LLC
Based in Chicago, IL, Evention leverages automation to reinvent legacy accounting processes. Evention's Software as a Service (SaaS) solutions simplify back-office processes for various verticals - from retail to restaurant to grocery, hospitality, casino, and others. By streamlining the management of cash, credit card reconciliation, tips and gratuities, and group billing processes, Evention's automated solution suite decreases costs and increases efficiency. With robust controls and comprehensive reporting capabilities, Evention's solutions guarantee financial transparency and security. Evention serves thousands of customers across the globe.
About Equality Asset Management
Equality Asset Management is a growth-focused private equity firm. Equality provides equity capital and strategic and operating support to growth companies in the technology and tech-enabled services sectors. With decades of investment experience and operating experience, the firm has earned a reputation for value-creation, serving as steadfast partners to Founders and CEOs. Equality is based in?Boston. For more information, please visit www.equalityassetmanagement.com.
Equality Asset Management