Fast Facts
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Strategic Acquisition: Hexa, a Paris-based startup studio, is acquiring a majority stake in Veevart, a profitable software-as-a-service company for museums, instead of incubating a new startup from scratch.
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Established Company: Founded in 2014, Veevart serves 160 museums globally with an all-in-one management platform built on Salesforce, enabling efficient ticketing, event management, and donor communications.
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Focused Partnership: Veevart seeks Hexa’s expertise and resources to expedite its growth and achieve $20 million in annual recurring revenue, rather than just financial investment.
- Operational Enhancement: Hexa aims to leverage its operational expertise to enhance Veevart’s performance, standing out from typical private equity and VC approaches that usually target high-growth startups.
Hexa’s Strategic Shift
Startup studio Hexa showcases innovation through its acquisition of Veevart, a vertical SaaS platform designed for museums. This move marks a departure from Hexa’s typical model of nurturing startups from inception. Instead, Hexa acquired a majority stake in an already thriving firm. By doing so, Hexa aims to leverage Veevart’s established revenue and customer base. This acquisition is both a logical and strategic step for Hexa, which has a history of successful ventures within the French tech ecosystem.
Veevart, operating since 2014, already supports 160 museums worldwide. Its all-in-one platform simplifies operations, combining ticketing, fundraising, and membership management in one place. Museums often juggle multiple tools for these essential functions. Streamlining these processes into a single platform enhances efficiency and reduces long-term maintenance challenges. Moreover, Hexa’s involvement promises to expedite Veevart’s growth trajectory without compromising its existing profitability.
Rethinking Growth Through Partnership
The collaboration between Hexa and Veevart emphasizes a new model for growth, blending private equity strategies with startup agility. Veevart’s founder sought not just capital but a partner to help refine operations and boost revenue. Hexa’s investment of €5 million positions it as a hands-on partner rather than a typical venture capital investor. By focusing on operational excellence and best practices, Hexa aims to help Veevart achieve ambitious targets, like reaching $20 million in annual recurring revenue.
This partnership illustrates the evolving landscape of startup growth. It blends traditional funding models with innovative strategies, appealing to a wider range of businesses. As more companies recognize the value of strategic partnerships, the potential for similar models can shape industries—from cultural institutions to technology. Ultimately, Hexa’s acquisition of Veevart serves as a reminder that collaboration often fuels innovation, contributing to success stories in our rapidly changing economy.
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