Active Network Acquires Tee Time King To Bolster Platform
September 27, 2005
Active Network Inc., a provider of services and software to automate community service organizations, has acquired Tee Time King Inc., a provider of golfing software and online tee time reservations, in order to enter the golfing market.
Financial terms weren't disclosed.
Active Network Senior Vice President Alex Barnetson called golf strategic to its participatory activities and community service platform.
Based in San Diego, Active Network's services and software help low-tech community service organizations automate their business's registration and reservations, membership and fundraising management. Its marketing services offer integrated online and field marketing campaigns.
Active Network serves local governments, park and recreation, non-profits, sports organizations and associations, educational and health care organizations, and consumer products corporations in the U.S., Canada, Australia and New Zealand.
Active Network recorded a profit in 2004 on revenue in the mid-$20 million range, and expects revenue in the mid-$40 million range for the current year, Burnside said.
The company, which last April filed for an initial public offering before withdrawing it in August, has raised $70.9 million in funding. According to spokesoman Shelly Burnside, Canaan Partners has a 19.9% stake in Active Network; Austin Ventures owns 5.3%; Charles River, 3.6%; North Bridge Venture Partners, 4.6%; and Enterprise Partners has 4.1%.
Privately-held Tee Time King was a division of Hamburg, N.J.-based Crystal Springs Acquisition LLC, a real estate holding company. It wasn't venture backed.
Founded in 2001, Tee Time King offers desktop software for management and administration of golf courses, with functions such as reservations, inventory and billing. It also enables golfers to find and book tee times online in the Northeast and Midwest. Through its regional portal network, Tee Time King locally markets tee times for golf operators and provides local golf information for communities.
The company has an installed client base of more than 350 golf courses using its software.
Tee Time King's services will be delivered through Active Golf Solutions, part of The Active Network. Tee Time King's 25 employees will become employees of The Active Network, focused on the company's newly combined golf business.