WeddingWire gets new majority owner, $350M investment - Technical.ly DC

Business

May 23, 2018 12:59 pm

WeddingWire gets new majority owner, $350M investment

The Chevy Chase–based company is now owned by private equity firm Permira, which is touting international expansion and sees room to grow.

WeddingWire provides connections to plan the big party.

(Photo by Flickr user Camelot Party Rentals, used under a Creative Commons license)

WeddingWire, a Chevy Chase, Md.–based online marketplace helping engaged couples get connected with wedding service providers, will have a new owner.

Under an agreement announced this week, private equity firm Permira will invest $350 million in the 11-year-old company and become its majority shareholder.

WeddingWire’s platform looks to help in the wedding planning process, providing connections with venues and various vendors like photographers and caterers. The company currently has 950 employees spread across eight offices, and the marketplace is in use in 15 countries. The investment will help the company “as it continues to expand in the U.S. and internationally, launch new innovations and leverage the industry’s ongoing shift to online advertising,” the statement said. Permira Partner Dipan Patel focused in on the company’s international growth. The company launched in India last summer, and rebranded in the UK.

“WeddingWire has become an increasingly important marketplace for both newly-engaged couples and small businesses, with strong positions in its geographies, an attractive subscription-based business model and substantial room to grow,” Patel said in a statement. “More than 40 percent of WeddingWire’s revenue now comes from international geographies — a number that is growing more than 30 percent per year. We are excited to leverage our firm’s international platform in support of Tim and the rest of the WeddingWire team.”

The company’s existing management team and investor Spectrum Equity will maintain what’s described in a statement as “a significant minority ownership in the company.” The transaction is expected to close early in the third quarter of 2018.

Companies: WeddingWire
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Please Assist Me, Uplift advance to Vinetta Project pitch finals in September

Gaithersburg-based Viela Bio closed on a $75M Series B funding round

Revolution’s Rise of the Rest Seed Fund is investing in another NC-based startup

SPONSORED

DC

Building a data acquisition system? Don’t make this mistake

Washington, D.C.

The Washington Post

Site / Full Stack Engineer

Apply Now
DC

Dexibit

Technical Analyst

Apply Now
DC

Hybrent

Project Manager

Apply Now

Bethesda-based GreenGen Ventures is investing in Senseware

Tysons-based Merlin International leads $8M Series B funding round for Cyber Observer

41 Virginia-based research projects will receive financial support from this state-backed fund

SPONSORED

DC

This fast-growing SaaS company aims to be a force for change in the energy industry

DC

Leverage

Full Stack Engineer

Apply Now
DC

Bungalow

Operations Associate

Apply Now
Washington, D.C.

The Washington Post

Full Stack Developer

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!