Clubessential acquires foreUP, as management software market continues to recapitalize | Golf Inc. Magazine
Summary
“For the past ten years, the foreUP team has been on a mission to modernize and simplify golf operations by bringing the course to the cloud,” said Teshima in a press release. “As we continue to innovate to help our customers increase golf participation and improve their financial performance, we found an ideal business partner in Clubessential Holdings to support our rapid growth.” Teshima told TechBuzz, a local tech news source, in October that the company had doubled its revenue in 2020 compared to 2019, partly thanks to the pandemic. Since the restructuring, Teesnap “has been cash flow positive, producing a double-digit EBITDA margin on almost 50% increase in net revenue from 2019,” said Gregory Anderson, chief financial officer at Allegiant in an earnings call in early February. Vermont Systems, also owned by Clubessential Holdings, has less than 2% of the public course market, but is primarily focused on recreation management for municipalities, universities and the military. “We’ve followed Evan and the foreUP team over the past several years as theyve successfully transitioned the public golf software market to the cloud,” said Randy Eckels, CEO of Clubessential Holdings.
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