Cassel Salpeter & Co. Facilitates Sale of MoviePass Assets to PreTechnology Inc.


Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide, today announced it has successfully facilitated the sale of the assets of MoviePass, Inc. (“MoviePass”), a subscription-based movie ticketing service that allowed subscribers to see several movies for a fixed monthly fee, to PreTechnology Inc.

The deal sets the stage for a MoviePass relaunch in 2022.

“We were privileged to work with Alan Nisselson, the trustee for the Chapter 7 estates of Helios and Matheson Analytics Inc., to help find a home for the MoviePass assets. We are pleased to have been able to add additional value to the estate despite the challenging environment in the entertainment industry presented by the pandemic,” said Philip Cassel, a managing director at Cassel Salpeter & Co.

The assets were successfully sold in November with the purchaser being MoviePass co-founder Stacy Spikes.

Previously, in April 2020, Cassel Salpeter also assisted the Chapter 7 Trustee with the sale of MovieFone and other assets of the debtor.

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Miami software firm EveryMundo sold to a Houston services provider

By Lauren Lamb

Week of Thursday December 21, 2021

Miami-based software company EveryMundo has been bought for $80 million in cash and $10 million based on future stock by PROS Holdings, a software service provider.

“There is a strong cultural fit between EveryMundo and PROS,” said the deal’s broker, Chairman and co-founder of Cassel Salpeter & Co. James Cassel. EveryMundo focuses on landing pages for airlines so they are not outdone by commercial vendors like PriceLine or Travelocity.

“With some businesses, you watch deals fall apart,” Mr. Cassel said. “Not because they’re right or wrong, but just because they have different cultures.”

Mr. Cassel’s son, Seth Cassel, is co-founder and president of EveryMundo. “Today is a monumental day for our team and a next step in our quest to disrupt industry paradigms hindering market growth and opportunity for airlines and B2B organizations,” Seth Cassel said in a press release.

“Airlines want people to engage through their websites instead of using online travel agencies (OTA). The airline gives information about what they are selling directly, for example a deal on a flight to Denver, that the consumer will miss using an OTA,” said James Cassel. The PROS platform includes assets like airline revenue management software, airline digital retail and group sales optimization.

EveryMundo and PROS are a good cultural fit because they spent the time to get to know one another according to James Cassel. “What was important to PROS and EveryMundo was getting to understand how they view technology business but also how they interact with their colleagues and how their business is managed.”

Seth Cassel visited PROS’ headquarters in Houston and members from PROS visited Miami before a deal was made. “The businesses spent time up front to discuss their common vision and common approach. The first goal is to go deeper within one another’s products and see what’s available,” said James Cassel. “The first thing to do in any business situation is look for the low-hanging fruit and be collaborative. They can introduce one another to people who aren’t overlapping and combine them.”

Over the past year, EveryMundo has almost doubled in size. Said James Cassel, “Airlines need more marketing and technology that PROS will help provide.”

 

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Cassel Salpeter & Co. Facilitates Sale of EveryMundo to PROS Holdings

 Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide, today announced it has successfully represented EveryMundo, LLC, a digital offer marketing pioneer with headquarters in Miami, Fla., in the company’s sale to PROS Holdings, Inc. (NYSE:PRO), a provider of SaaS solutions optimizing shopping and selling experiences with headquarters in Houston, Texas. 

PROS paid $80 million in cash at closing, subject to certain customary adjustments, and will deliver approximately $10 million in stock in the future, subject to certain conditions.

Since its founding, EveryMundo has been focused on helping brands like American Airlines, Star Alliance, Tennis Australia, Greyhound, and Japan Airlines Vacations maximize their reach and engagement, enabling deeper direct relationships with their customers across multiple channels in the most flexible and profitable way possible. For example, with airlines, this means being able to quickly and effortlessly publish offers on direct or indirect channels that entice customers back to owned channels, avoiding the increasing fees charged per offer by global distribution systems that limit reach and erode margin. 

“We’re proud to have been able to work with the EveryMundo team and my son, Co-Founder and President Seth Cassel, to find the right buyer and partner in PROS,” said Cassel Salpeter Chairman and Co-founder James S. Cassel. “There is a strong cultural fit and shared vision between the companies. The combination of EveryMundo and PROS enables them to scale to the next level of growth, gain greater market penetration and increase digital consumer engagement.”

EveryMundo Co-Founder and President Seth Cassel added: “Today is a monumental day for our team and a next step in our quest to disrupt industry paradigms hindering market growth and opportunity for airlines and B2B organizations. The cultural fit and business model alignment with PROS is what makes this combination so powerful and what will enable us to transform the brand experiences for the businesses we serve.”

“It was incredibly rewarding working with Cassel Salpeter, said EveryMundo Co-Founder and Chief Executive Officer Anton Diego. “The firm’s knowledge and experience were invaluable throughout this process, and helped make the transaction seamless, without interrupting our business, and while working quickly and diligently to achieve the best outcome for our team.” 

The Cassel Salpeter team was led by Chairman and Co-founder James S. Cassel and Managing Director Philip Cassel, with the assistance of Associate Edward Kropf.

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Homegrown EveryMundo acquired in $90M deal by publicly traded PROS

In so many ways, the fast-growing EveryMundo – even down to its name – reflects the #MiamiTech story

By Nancy Dahlberg
December 4th, 2021 

Homegrown #MiamiTech company EveryMundo, a pioneering leader in fare marketing technology for airlines, has been acquired by the publicly held PROS, a provider of SaaS solutions optimizing shopping and selling experiences.

PROS, based in Houston, will pay $80 million in cash at closing and deliver about $10 million in stock in the future, under terms of the transaction subject to customary conditions.

The good news for #MiamiTech: The EveryMundo team, including leadership, will continue to be based in Miami as part of PROS. EveryMundo plans to grow larger with airline customers, and already serves over 70 airlines globally including American, United, Japan Airlines and KLM. The deal will also help EveryMundo take its solution to other industries, as it started doing in recent months with Greyhound, Tennis Australia and others.

Since 2006, the fast-growing, bootstrapping EveryMundo, under co-founders Anton Diego and Seth Cassel, has helped brands maximize their digital reach and engagement with customers in any channel in the most flexible and profitable way – while creating a superior brand experience and brand loyalty. With its airline customers, this means being able to quickly publish offers on direct and indirect channels that can bring customers back to owned channels, avoiding the increasing fees charged per offer by Global Distribution Systems that limit reach and erode margin.

“Our company and technology were founded on this vision and dream to impact the market in truly innovative ways,” said Diego, EveryMundo’s CEO. “As part of the PROS family, our teams look forward to continuing this mission.”

What the deal brings to both sides

In an interview. PROS CEO Andres Reiner said digital fare marketing was a natural extension of PROS’ digital retail strategy. “For us the vision was always to bring together the marketing and the selling to give brands in our markets the right products to drive demand through their channels,”

Beyond great technology, “the quality of the people and the culture that [EveryMundo] built is really what attracted me the most,” Reiner continued. “They have similar value systems to what we have at PROS. It’s about caring about people and their growth opportunities and creating an environment where everyone can achieve their full potential.”

Cassel, EveryMundo’s president, explained that PROS is the world leader in revenue optimization for airlines, among other things, and that is enabling the airlines to identify the right price at the right moment. EveryMundo broadcasts that price out into the market, engaging the potential passenger with PROS technology for shopping. But PROS serves a wide range of industries outside of airlines where EveryMundo’s technologies could be key to driving more consumers to these brands, he said.

Brands have no choice but to be present everywhere their customer and prospects find themselves, regardless of channel, Reiner added. “With EveryMundo, our collective portfolio gives brands much greater control over direct and indirect channels they participate in to consistently deliver superior brand experiences.”

The EveryMundo co-founders were recently exploring raising private equity for the first time. Engaging in discussions with PROS led to the acquisition outcome that seemed far more compelling and transformational for both companies. “Particularly coming out of the challenges and difficulties that COVID thrust upon us, it just felt like an awesome opportunity to put the company on such a phenomenal acceleration track as part of a much bigger thing now,” Cassel said.

‘We are immigants’

In so many ways, EveryMundo – even down to its name – reflects the #MiamiTech story. CEO Diego was born in Moscow and raised in Havana and Spain before immigrating to the U.S. in high school. The majority of EveryMundo’s 75-member Miami team are immigrants. Powered by that grit and hustle mentality that is Miami, EveryMundo was able to bootstrap and be profitables nearly every year of its existence.

During the pandemic, the company mustered all of that grit and then some to survive, recover, and then thrive again, securing relief loans and quickly creating new products for airlines tailored to the pandemic realities.

It all paid off in a big way.

In 2021, EveryMundo’s worldwide team has grown from 100 to nearly 150 people now. 2021 has also been a banner year for the company’s new customer acquisition, as it added 30 more brands this year, up from 50 at the end of 2020. “We don’t see that trajectory letting up, and we predict 2022 revenue to essentially be a full return to our trajectory prior to COVID,” Cassel said.

The next chapter

When Cassel and Diego looked for financial advisors they considered their options but stayed all in the Miami family: Cassel Salpeter & Co. served as financial advisors to EveryMundo in the transaction, along with Baird, which specializes in the airline industry. Cassel’s father James is chairman and cofounder of Cassel Salpeter and brother Philip is the firm’s managing director. “Working with them was an absolute pleasure and was a nice byproduct of this process,” Seth Cassel said. “I would absolutely wholeheartedly recommend them to anyone who needs financial advisory services.”

Through the years, Cassel and Diego, both selected as global Endeavor Entrepreneurs in 2015, have expressed that they wanted to make EveryMundo a company that makes Miami proud. Mission accomplished, and their story continues with this new chapter. “We’re excited and we hope this is representative of more great things to come for homegrown Miami tech companies,” Cassel said.

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