TORONTO, ONTARIO--(Marketwired - May 6, 2014) - AudienceView, a world leader in e-commerce software for events and entertainment organizations, is pleased to announce the closing of a new round of equity financing to fund its transition from enterprise to the cloud and a more flexible, SaaS-based approach. The equity financing was led by Five Corners Capital, which manages the Ventures West 8 Limited Partnership fund, with strong participation from other existing shareholders and new investors. The equity financing also provides growth capital for AudienceView's emerging self-serve e-commerce platform, through which organizations and individuals can easily manage their own branded online store to drive ticketing, fundraising and related e-commerce offerings.
AudienceView's end-to-end business solution can solve the needs of any size or type of event organizer - from large venues and festivals to individuals and campus event planners. Its tailored services enable complete e-commerce and include ticketing, fundraising, marketing and more.
"AudienceView has generated huge momentum on many fronts in 2014," said Mark Fowlie, CEO of AudienceView. "Between the advancement of our self-serve offering AV Go and the strong customer base of AudienceView users that continues to grow each month, it's clear that we are helping event and entertainment organizations of all sizes realize the value of a truly integrated solution. As an enabling partner of these organizations, our job is to help facilitate great experiences before, during and after the event. We're thrilled that this round of financing will allow us to continue down the path of further realizing our vision."
"Five Corners Capital and our co-investors have tremendous confidence in management's ability to execute this growth strategy and we are pleased to retain our major shareholding in the Company through participation in this financing," said Kenneth Galbraith, Managing Director of Five Corners Capital. "This new equity capital, together with concurrent conversion of existing shareholder debt and a modified lending facility with Comerica Bank, will provide the Company with a stronger balance sheet and additional flexibility to adequately fund the SaaS transition."
Industry analysts at Gartner estimate that global spending on SaaS will surpass $45 billion by 2017 and the IBM Center for Applied Insights reports businesses using SaaS are gaining competitive advantage, accelerating time to market, reducing costs and improving the overall customer experience. In a recent report on e-commerce and the Internet, boutique firm Plunkett Research reports the sale of entertainment products and event tickets are among the online sectors growing most rapidly. The report also states that migration of entertainment to the web and cloud-based SaaS are among the most powerful Internet movements.
AudienceView is a complete entertainment business solutions provider. Rapidly approaching $2 billion in annual transactions, our innovative, engaging software is helping more than 550 venues in 15 countries deliver exceptional shopping, in-venue and overall customer experiences. It also powers self-serve e-commerce, ticketing and events management portals, which can be used for events of any size or type. AudienceView was founded in 2002 and has received equity funding from the Ventures West 8 Limited Partnership fund, which remains the largest shareholder, and private investors. Learn more at www.audienceview.com, or connect with the company on Facebook and Twitter.