Pittsburgh-based ticketing company ShowClix has accepted a strategic investment from Providence Strategic Growth and has promoted Brian Arnone to company President and COO. ShowClix CEO Tom Costa will retire and will take on a new role as senior advisor.
The agreement is just the latest big money injection into the ticketing space — earlier this month Parthenon Capital Partners announced a strategic investment in Etix and the acquisition of rival ExtremeTix. That followed an intra-company transfer of ticketing firm Paciolan to Learfield, which was bought by Atairos Group, and the sale of Ticketfly to Eventbrite which included a funding round from Sequoia and Tiger Global.
Arnone said the capital injection by Providence allows the company to leverage “PSG’s knowledge, resources and deep expertise in the segment in order to further enhance our customer commitment, accelerate our growth and continue our strong track record of innovation.”
Prior to ShowClix, Arnone was an SVP at Ticketfly and has worked for Enta ticketing, Ticketweb and Tickets.com.
“Brian is a proven and capable leader, and I am pleased to leave the company in such good hands,” Costa said in a statement. “Further, having spent time with (Gopi Vaddi, PSG Managing Director) and the PSG team during this transaction, I have no doubt that they are the right partners for ShowClix. Their knowledge of our space and the opportunity in front of ShowClix coupled with their investment approach made the transaction a simple and enjoyable process. I look forward to them bringing the same skills to bear for ShowClix and look forward to its success.”