SeatGeek, a US-based mobile-focused ticket platform that enables fans to buy and sell tickets for events, has announced its $56 million buyout of Israel’s TopTix, known for cutting-edge software for ticketing, fundraising and customer relationship management.
The deal is the largest acquisition in SeatGeek’s history, according to a press release issued by SeatGeek.
“As anyone who has spent time in the entertainment industry knows, ticketing is a pain point for teams, artists, venues, and their fans,” said David Glynn of Glynn Capital. “We believe that SeatGeek, strengthened by TopTix, is providing a better option through an innovative business model and best-in-class technology, and we think that’s the key to turning a massive industry on its head.”
According to SeatGeek, the acquisition of the Israeli startup makes it “one of the largest primary ticketers in the world.”
TopTix will now operate as a subsidiary of SeatGeek, continuing to service clients across the globe. The core engineering team will remain in Israel, TopTix co-founder, Eli Dagan, said in a press statement.
“Our teams share a passion for innovation and a mission to build long-term partnerships. I’m thrilled that together we will continue to build a product tailored to the needs of all our clients around the world,” said Dagan.
Prior to its sale, TopTix processed 80 million tickets a year in 16 countries across the globe. Current TopTix clients, which will now be clients of SeatGeek, range from museums and theaters to festivals and sports teams, including well-known organizations such as the Royal Dutch Football Association, Ravinia Festival, and multiple English soccer clubs.
TopTix’s software will now power the expansion of SeatGeek Open, SeatGeek’s primary ticketing platform that launched in August of 2016, according to a press statement.
“TopTix has by far the best backend primary ticketing technology in the world, and we humbly believe that at SeatGeek we have created what is easily the best user experience,” said SeatGeek co-founder Jack Groetzinger. “Combining these two platforms together allows SeatGeek to deliver the most powerful — and only open — ticketing platform in the industry. We’re thrilled to be working with the team from TopTix to continue to build our open ecosystem that is transforming the way people access live events.”