TicketLeap, the Center City firm backed by an all-star cast of Philly venture investors, has been sold to Patron Technologies, New York.
The company, led from 2003-13 by energetic Chris Stanchak, hired scores of hopeful young software and sales people in the late 2000s in an attempt to take on TicketMaster and EventBrite with quicker, cheaper ticketing and event arrangements.
“We are extremely enthusiastic about our acquisition of TicketLeap, and the TicketLeap team is continuing on under the leadership of Christine Dragon,” Patron CEO Eugene Carr told me in an email. He declined to disclose terms of the sale. “We invested in two rounds and are quite happy with the return,” Richard Vague, a partner in Philadelphia’s Gabriel Ventures told me. Investors got “a nice return,” TicketLeap chief executive Tim Raybould told Roberto Torres at TechnicallyPhilly.
Raybould and five colleagues have moved to Port, a Philadelphia start-up that will “help local stores, restaurants, breweries, and more create and sell their own membership and subscription programs to their happiest, most-loyal customers.”
Patron, which develops the PatronManager software services platform for “arts and culture” organizations, was taken over by $50 billion asset-buyout giant Providence Equity’s Providence Strategic Growth fund in July, giving it the resources to expand by acquisitions, such as TicketLeap.
TicketLeap raised $4 million in Form D reported fundraisings, and (we presume) more from private investors. Backers included Center City-based Gabriel; NextStage Capital; Michael Aronson’s Mentor Tech Ventures, which got rich when Marc Lore sold Diapers.com and Qdisi to Amazon, and a lot richer when Lore sold Jet.com to Walmart; the MAG Fund; Robin Hood Ventures; Delaware Crossing; Ben Franklin Technology Fund; and singer John Legend.