Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, 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 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.