Hexa, a prominent startup studio in the French tech ecosystem, has taken a bold step by acquiring a majority stake in Veevart, a vertical software-as-a-service (SaaS) company catering to museums and cultural institutions. This move marks a departure from Hexa's traditional approach of incubating startups from scratch, instead opting to invest in a established company with a proven track record.

Veevart, founded in 2014, has built a robust platform providing solutions for ticketing, fundraising, CRM, and collection management to over 160 museums and cultural institutions worldwide. With a team of 70 people, the company has achieved profitability, making it an attractive target for Hexa's investment. The acquisition is valued at €5 million, with Hexa becoming the main shareholder in Veevart.

Hexa's decision to acquire Veevart stems from its desire to leverage the company's expertise in the museum sector, while providing operational support to accelerate growth. Veevart's founder, Antonio Velasco Echeverry, expressed his enthusiasm for the partnership, stating that Hexa's involvement will help the company reach its revenue targets faster and with less pain. The goal is to achieve $20 million in annual recurring revenue, a significant milestone for the company.

Veevart's platform, built on top of Salesforce, offers a comprehensive suite of tools for museums to manage events, sell tickets, and automate communications. The company's reliance on Salesforce is attributed to Velasco Echeverry's prior experience working with Accenture and Salesforce. Despite some platform limitations, the founder believes that building on top of Salesforce has advantages, including security, scalability, and access to the entire Salesforce ecosystem.

Hexa's investment in Veevart signals a shift in the startup studio's strategy, moving beyond incubating new startups to acquiring established companies with growth potential. This approach allows Hexa to provide operational expertise and resources to help Veevart scale, while also expanding its portfolio of successful companies. The deal is a testament to Hexa's ability to adapt and innovate in the ever-evolving startup landscape.

The acquisition also highlights the growing importance of SaaS companies in the museum and cultural institution sector. As these organizations increasingly rely on technology to manage their operations, companies like Veevart are well-positioned to provide critical solutions. Hexa's investment in Veevart is a vote of confidence in the company's ability to meet the evolving needs of this sector.

In conclusion, Hexa's acquisition of Veevart marks a significant milestone in the startup studio's history, demonstrating its willingness to innovate and adapt to changing market conditions. As Veevart continues to grow and expand its services, the partnership is poised to have a lasting impact on the museum and cultural institution sector, while further solidifying Hexa's position as a leading player in the French tech ecosystem.