Vector Capital has closed its previously announced sale of Los Angeles-based Triton Digital, a tech provider for the audio streaming and podcast industry, to The E.W. Scripps Company. The price of the transaction was $150 million. Moelis & Company LLC acted as financial adviser to Triton Digital and Vector Capital while Kirkland & Ellis LLP provided legal advice.
SAN FRANCISCO–(BUSINESS WIRE)–Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, today announced closing of the sale of Triton Digital, Inc. (“Triton”), a leading technology provider to the audio streaming and podcast industry, to The E.W. Scripps Company (NASDAQ:SSP) for $150 million.
Based in Los Angeles, Triton provides audio publishers with measurement, streaming, ad serving and audience engagement solutions in over 40 countries. Triton’s diverse, blue chip customer base includes broadcast groups, such as iHeartMedia, Cumulus and Entercom, as well as digital audio pureplay companies, such as Spotify and Pandora.
Vector Capital acquired Triton in 2015 and supported management’s strategy of continued growth and profitability. Under Vector’s ownership, Triton has undertaken a number of transformational initiatives, including product portfolio rationalization, expansion of the core measurement services, strategic investments and operational improvements. As a result, Triton further cemented its market leadership position as the top technology provider to the rapidly growing digital audio marketplace.
“Vector has been a terrific partner for Triton over the past four years¸ and together we have built a truly global and scalable platform,” said Neal Schore, CEO of Triton. “Vector’s sector expertise and operational resources were invaluable tools that enabled us to successfully invest in the core business. We are grateful for Vector’s support and look forward to continuing on our journey as part of The E.W. Scripps Company.”
Alex Beregovsky, Managing Director at Vector Capital, said, “We are proud of our partnership with Triton and the company’s success under the stewardship of its CEO, Neal Schore. This investment exemplifies our approach of closely partnering with strong management teams and helping them successfully evolve their businesses.”
Moelis & Company LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Triton Digital and Vector Capital.
About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With more than $4 billion of capital under management, Vector identifies and pursues these investments in both equity and credit markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and shareholders. For more information, visit http://www.vectorcapital.com.
About Triton Digital
Triton Digital® is the global technology and services leader to the digital audio and podcast industry. Operating in more than 40 countries, Triton Digital provides innovative technology that enables broadcasters, podcasters, and online music services to build their audience, maximize their revenue, and streamline their day-to-day operations. In addition, Triton Digital powers the global online audio industry with Webcast Metrics®, the leading online audio measurement service, that makes it easy for advertisers and brands to determine the best destination and time to reach their target audiences. Through unparalleled integrity, excellence, teamwork, and accountability, Triton Digital remains committed to connecting audio, audience, and advertisers to continuously fuel the growth of the global online industry. For more information, visit www.TritonDigital.com.