The Beginning – Michael and Matt first met at university back in the early 2000’s running the university’s performing arts theater as well designing lighting and sound for amateur productions together. They searched for a CRM and ticketing platform, but quickly realized that nothing out there was being built with the future of cloud computing in mind – and with the aim of arts organizations not needing to have technical experts in house to get what they needed. With their interest in performing arts, along with their technical degrees (Michael, Computer Science and Matt, Engineering) they felt they could build a better offering, so in 2007 they teamed up to start Spektrix.
Transaction Reason – Michael wanted to find a long-term partner who would invest in and support his vision for the company’s future growth. Additionally, Matt had stepped away from business operations a few years previously, and he, other early team members (including Michael), and early investors, wanted some liquidity. As a purpose-driven business (and a B-Corp as of 2021), it was absolutely critical for Michael to find a partner who was fully aligned around making decisions for the long-term, and one who very much valued the importance of areas such as organizational culture, quality of technology, and the highest levels of client service.
Why Norland – It was clear early on that the fit was very strong between Norland and Michael, but the true catalyst came when Michael called Norland seeking advice on an acquisition he was considering. Norland’s open and straightforward dialogue showed Michael that Norland is truly a long-term supportive partner and not just a private equity firm with money. Michael also saw that Norland was fair and easy to work with, and could seamlessly provide liquidity to early shareholders, growth capital for the company, and be a true business-building partner given Norland’s 25+ years of software investing experience. Most importantly, Michael felt Norland was the right fit culturally – in particularly, in terms of Norland’s belief in the need to take a long-term approach to build businesses that really stand the test of time, and therefore deliver the greatest impact.
Since Norland’s Investment – Michael has continued as CEO and together with Norland as a partner, the focus is on further investing and building out Spektrix’s cloud-based product offering, continuing to hire outstanding talent and delivering even more in client success – all in service of increasing the positive impact Spektrix has on the performing arts sector.
Future – Spektrix is quickly growing subscription revenues all organically at >20% annually and adding many new performing arts organizations to their platform every year. Spektrix will continue to innovate and invest in people, product, and customer success.
For more info, visit www.spektrix.com.