4/26/2022, Portland, Ore.—Eleven Software Inc. announced today it has been acquired by Ven Capital Partners, an industry-focused private equity firm.
Founded in 2002, Eleven is a leader in cloud software for the hospitality, multifamily, and community Wi-Fi sectors. Its ElevenOS platform enables hotel and retail brands, apartment, and condominium complexes, as well as local communities to offer consistent Wi-Fi connectivity experiences around the globe in over 50 countries with 20 million device connections every day.
ElevenOS is the #1 Wi-Fi connectivity platform for brands around the world, enabling a consistent connection experience regardless of the Wi-Fi service provider or underlying network hardware. Brands have also been leveraging Eleven to grow their in-house loyalty programs through sign-ups as part of the Wi-Fi connection experience, generating 10x enrollments compared to traditional acquisition channels. The Eleven multifamily solution enables cable and telecom operators to offer Wi-Fi as an amenity for apartments, condominiums, and student housing. And municipalities can leverage the Eleven Passpoint solution to provide automatic, hassle-free, and secure connectivity for residents and visitors alike to enjoy an always-connected main street.
“We couldn’t be more thrilled with the acquisition by Ven Capital. Their impressive portfolio of investors, access to capital, and focus on our core industries will create incredible opportunities for our customers and employees,” commented Peri Pierone, the outgoing Eleven CEO. “We’re seeing an increasingly more strategic approach to Wi-Fi for networks outside the home and office, and with Ven’s capital backing, Eleven is well positioned to accelerate its growth trajectory and become the world leader.”
Ven Capital’s acquisition builds upon Eleven’s consistent track record of delivering innovation in the Wi-Fi management sector. “Eleven has a strong reputation as a market leader and the company’s impressive growth positions it well for the next chapter,” said Hannah Greenberg, Managing Partner for Ven Capital and incoming Eleven CEO. “The company’s culture, record of innovation, and dedication to its blue-chip customers made this an easy investment decision for our firm and our investors.”
Eleven will retain the entire team and continue to operate out of its headquarters in downtown Portland, Oregon. Vista Point Advisors, a San Francisco-based boutique investment bank, acted as the exclusive financial advisor to Eleven. Financial terms were not disclosed.
Eleven is a leader in cloud-based Wi-Fi management solutions for the hospitality, multifamily, and community markets. It was founded in 2002 by Josh Friedman, Andrew Yorra, and Josh Blank to solve the complexities of public access Wi-Fi networks. Friedman and Yorra grew the company together over its two decades, growing every single year, and led the divestitures of its non-core service businesses in 2016 to generate a return for investors and focus on the core software business. The company’s customers include large brands like Hilton and Marriott, as well as leading telecom carriers like Charter Communications, AT&T and British Telecom. Eleven recently surpassed 7B authentications per year, 10K properties with 1.5M doors in 50+ countries, and 40 employees. Proudly founded and based in Portland, Oregon, Eleven has been ranked by the Oregonian as a ‘Top Place to Work’ in 2020 and 2021. Read more at elevensoftware.com.
Ven Capital Partners is a private investment firm focused on mission critical technologies in hospitality and adjacent industries. Investment partners include Pacific Lake Partners, Miramar Equity Partners, and Bain Capital Credit.