One of Cincinnati's largest private companies lands major investment – Cincinnati Business Courier
A global investment firm is backing a rapidly growing Cincinnati tech firm to help fuel its future expansions.
On Tuesday, Clubessential Holdings announced Silcon Valley-based Silver Lake Partners made an undisclosed investment in the company, with existing investor Battery Ventures also upping its stake in the firm.
The funding will allow Clubessential to grow through new acquisitions — such as its recent one in Denmark — and the development of innovative and frictionless payments solutions across the company’s software portfolio and customer base, according to a news release.
Clubessential was formed in 1998 as a way for golfers to book tee times in real time online. Through the years it has grown into a platform that helps private clubs automate and digitize many of their services. For instance, club members can check their accounts, make reservations for dining or spa services, or update their profiles through Clubessential’s platform. It also handles point-of-sale, accounting, customer-relationship management and retail services for clubs.
Its companies include Clubessential, Club-Ready, Vermont Systems, PrestoSports and ForeUp, which the company acquired in February.
Silver Lake has more than $88 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Its portfolio companies generate more than $221 billion of revenue annually and employ more than 526,000 people globally, the release states.
Clubessential ranks as Greater Cincinnati’s 114th-largest private company, with more than $89 million in 2020 revenue, according to Business Courier research. Clubessential’s companies now serve 10,000 fitness clubs and 15 million members.
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