HMT LLP undertook financial due diligence for Downing Ventures on their investment in contactless solution provider for the event industry Glownet.
Glownet develops a software solution that revolutionises the live event experience by creating frictionless, secure and optimised experiences for attendees, vendors, organisers and brands. The cloud-based platform delivers access control, cashless payments, crew management, social media activations, loyalty programs and customer insight solutions to music festivals, food & beverages festivals, nightclubs, trade shows, sporting events and more.
Glownet has operated at over 500 events in 38 countries since its creation.
Downing’s investment will enable Glownet to strengthen their commercial resources, invest in their core technology and make their products available to new verticals and markets. Following the investment, Glownet has appointed Siebe Gerbranda as new CEO. Siebe joined Glownet in August as COO.
HMT undertook financial due diligence on this transaction.
James Lewis, Investment Director at Downing commented:
“As ever, Paul, Corin and the team at HMT worked quickly to understand the business and provide a thorough and thoughtful review of the financials. They are easy to work with and consistently perform at the highest level and we look forward to working with them again soon.”
Paul Read commented:
“We are delighted to have assisted James and Downing on their investment in such a revolutionary and promising business as Glownet. Downing’s investment will enable Glownet to diversify and achieve their ambitious growth plans. We look forward to working with them again in the future.”