Riverside backs Australia events software provider
The Riverside Company has invested an undisclosed sum in EventsAIR, an Australian events management software provider for in-person, virtual, and hybrid events.
The goal is to support international expansion in North America and Europe, drive product development and the introduction of additional functionality, and pursue M&A opportunities involving complementary businesses. Riverside is investing in partnership with EventsAIR’s founder and several members of its management team.
Headquartered in Brisbane, the company creates software for managing registrations, attendee engagement, operations, housing, travel, marketing, and communications. It has delivered more than 350,000 events globally, typically working with professional conference organisers, industry associations, corporations, and educational institutions.
Private equity interest in this space is growing, especially as pandemic-related travel restrictions and distancing measures forced companies to re-think their approach to in-person events, and the role technology could play in that.
Earlier this year, Airmeet, a US-headquartered and Asia-focused virtual events platform with extensive operations in India, raised USD 35m in Series B funding. This followed a USD 125m Series B for India-based Hubilo, supposedly on the back of 10x growth in the 12 months to September 2021.
“Having quickly adapted to the challenges of the COVID-19 pandemic, EventsAIR is ideally positioned to bring in a partner who can help accelerate our global growth ambitions,” said Trevor Gardiner, founder of EventsAIR, in a statement. “We are delighted to be working with the Riverside team and look forward to this next exciting chapter in the company’s evolution.”
Riverside makes buyout investments towards the smaller end of the middle market. The firm’s first two Asia-focused funds were pan-regional, but the third is dedicated to Australia and New Zealand. Riverside Australia Fund III reached a second close of AUD $261m (USD 196m) – against a target of AUD 530m – in mid-2020.
Recent investment activity includes the acquisition of Avance Clinical, a contract research organization (CRO), with a view to building out its clinical trials business.
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