Ticketing Start-up Eventbrite Makes First Acquistions
Eventbrite hit another milestone this year, announcing its first acquisitions.
The online ticketing company announced Tuesday that it has acquired London-based event data company Lanyrd and Argentinean-based ticketing company Eventioz. According to the announcement, the move is part of the company's expansion plans that came after raising a $60 million funding round from Tiger Global Management and T. Rowe Price in April.
The company said the acquisitions would help it accomplish the goals of "accelerating international expansion; mobile growth and development; [and] event discovery."
Co-founder and CEO Kevin Hartz added: "These two acquisitions perfectly align with the strategic focus for the company, while adding significant assets and technical power to our platform."
The team behind Lanyrd, founded in 2010, will reportedly relocate to Eventbrite headquarters in San Francisco, while it looks like the Eventioz will continue operating from Argentina. The terms of the deals weren't disclosed.
Randy Befumo, Eventbrite's VP of Strategy, explained to Inc. via email the significance of the international buys:
"We believe that Latin America is a very compelling region with a good combination of economic growth, urban populations and access to technology. We are buying Eventioz specifically to get an experienced team in this region that has already been successful growing a business very much like our own. We already have Eventbrite UK headquarted in London...while London is very important to us, and is our third largest city in the world, the Lanyrd deal is not about geography but about the team and the product they have crated."
Eventbrite, which has 250 employees, announced earlier this year that it has processed over 100 million in global ticket sales--around $1.5 billion in gross sales. Also in August, the company announced an exclusive partnership to handle ticketing at Tough Mudder, another start-up darling.
But Eventbrite's history hasn't always been so rosy: The company was founded in 2006 and struggled to get off the ground during the recession.