Private-equity firm takes majority stake in Boulder’s TeamSnap

BOULDER — TeamSnap Inc. has named a new CEO after Chicago-based private-equity firm Waud Capital Partners bought a majority stake in the software maker.

Waud Capital executive partner Peter Frintzilas will take the helm of the Boulder-based TeamSnap, while founder and current CEO Dave DuPont will maintain a financial stake in the company and remain on its executive team as a liaison to key customers.

Frintzilas was most recently a strategic adviser to Playeasy.com, a Boston-area startup that connects sports leagues to venues. The company is registered under the name PlayOn Inc., and was one of the inaugural members of Techstars’ sports-tech accelerator in 2019.

Prior to that role, Frintzilas spent seven years in various positions with IntraLinks, a secure platform used by financial institutions to share sensitive data. That company was acquired by SS&C Technologies Inc. (Nasdaq: SSNC) for $1.5 billion from private-equity owner Siris Capital Group in 2018.

Andrew Rueff, Waud’s current operating partner, will join TeamSnap as executive chairman.

TeamSnap develops software that centralizes schedules, payments and communications between amateur sports coaches, players, parents and league organizers. The company has raised just more than $46.6 million in venture-capital funding since its founding in 2009, according to disclosures with the U.S. Securities and Exchange Commission. Its largest round by far was a nearly $25 million Series C that closed in early 2017.

In an interview with BizWest, DuPont said Waud approached TeamSnap last summer as the company managed to keep its revenues stable during the pandemic that shut down several team sports last year.

The company found that teams were still using the app to lead socially distanced workouts and keep in touch, and decided to offer payment delays for clients until their seasons began, he said.

TeamSnap also secured clients by offering a questionnaire called “Health Check” to pre-screen players and attendees for COVID-19 symptoms hours before a match began. DuPont said one of the company’s board members reported that amateur hockey groups in Canada were requiring teams to use TeamSnap for the past several months for the screening feature.

DuPont declined to specify how much Waud’s investment in the company was, or at what level that investment values the company. Waud typically invests between $50 million and $150 million in its portfolio companies.

However, he said TeamSnap will use Waud’s investment to scale its current offerings to more amateur teams. The company expects to see a particularly strong period in the next few months, as mass vaccinations across the U.S. and the warm weather seasons are priming people to get back into social activities.

“We’re a bit of a leading indicator because people use us to organize among other things for activities,” he said. “They need to get their house in order, so to speak, before the season even begins. So we’re seeing a significant increase in our organic business now.”

DuPont said the company also plans to make several acquisitions in the next several years, and plans to double or triple its companywide headcount of 100 by the end of 2021.

Approximately 20 employees are based in Boulder, and approximately 40 are within Colorado. DuPont expects the ratio of local to remote workers to remain steady during the hiring spree.

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