Spectrum Equity Announces Sale of Datassential

BOSTON and SAN FRANCISCO, September 13, 2024 – Spectrum portfolio company Datassential, the leading global food and beverage intelligence platform, today announced a strategic investment from New Mountain Capital and Endicott Capital.

Spectrum and Datassential’s partnership began with Spectrum’s investment in 2019, the product of a multi-year relationship. “We knew from the beginning that Datassential’s unique data was highly valued by its customers across a wide variety of important use cases,” says Jeff Haywood of Spectrum Equity.

Datassential co-founder Jack Li says, “Spectrum was the right partner to see us through a pivotal stage of growth. They respected our leadership, supported us in our vision, and – from day one – understood what was needed to fully unlock our platform’s value.”

Between 2019 and today, Datassential has undergone a period of evolution, including more than tripling its customer count, launching several new products – such as Report Pro and Price Monitor – and completing the acquisition of CHD Expert Group, solidifying their position as the world leader in foodservice data.

“So many industries today are hungry for hyper-relevant, sector-specific insights,” says Michael Radonich of Spectrum Equity. “We’ve seen this play out with companies like Definitive Healthcare and the healthcare industry, Benchmark Mineral and EV supply chain, or Lighthouse and hospitality. Datassential has filled a long-standing gap for the food and beverage industry, and their success is a testament to how critical that data is.”

“Working with Spectrum over the past several years has been instrumental in helping us scale our platform and expand our offerings,” says Jim Emling, who became Datassential’s CEO in 2022 after being appointed a board member in conjunction with Spectrum’s investment in 2019. “Their partnership allowed us to stay focused on innovation while growing our capabilities. As we enter this new chapter, we're excited to further elevate our client offerings and continue shaping the future of the food and beverage industry.”

“We’re extremely proud to have been part of the Datassential story, and to have partnered with their incredible leadership team,” says Jeff Haywood. “We want to thank the entire team for their efforts and are confident the food and beverage industry will continue to benefit from Datassential’s innovation."

Aeris Partners LLC served as the exclusive financial advisor and Latham & Watkins LLP served as legal advisor to Datassential and Spectrum Equity. Solomon Partners served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to New Mountain Capital.

ABOUT DATASSENTIAL

Datassential is the leading global food and beverage intelligence platform providing guidance on trends, competitive benchmarking, and sales intelligence. Through a suite of AI-powered solutions, an intuitive UI, and proprietary data, the food and beverage ecosystem relies on Datassential to more effectively develop, market, and sell their products. Founded in 2001, Datassential powers insights and sales intelligence for brands including Burger King, DoorDash, General Mills, Land O’ Lakes, Pepsi, Starbucks, Target, and more.

ABOUT SPECTRUM EQUITY

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading Internet-enabled software and data services companies. Representative investments include AllTrails, CINC Systems, Definitive Healthcare, Empyrean Solutions, GoodRx, Kajabi, Lucid Software, Origami Risk, RxVantage, and Zenwork. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com.