Acquisition by Spectrum Equity Investors of 76% stake in AllTrails, an operater of a mobile app for outdoor hiking trails, maps, reviews and photos. Financial terms were not disclosed. "Spectrum's extensive experience with freemium, subscription-based businesses was particularly attractive to us in considering potential financial partners," said Jade Van Doren, CEO of AllTrails. "We're thrilled to have Spectrum as our new partner as we continue to innovate on our products, expand our trail coverage around the world and support our passionate community of users."