SeatGeek Acquires TopTix
Third-party ticketing startup SeatGeek has acquired TopTix, an Israeli ticketing software firm, for $56 million, the companies announced April 18.
The investment, funded by a $57 million Series D investment round led by Glynn Capital, makes SeatGeek and its “ticketing platform of the future,” SeatGeek Open, a player to be noticed in the ticketing realm.
SeatGeekSeatGeeknullSeatGeek gets TopTix’s ticketing platform and engineering team, as well as its clients, in the bargain. TopTix has provided software for more than 500 institutions and processes 80 million tickets in 16 countries for events including museums and theatres, festivals and sports.
“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.”
An open distribution platform, SeatGeek Open enables fans to directly purchase tickets within apps and websites. One example offered by Fortune.com would be an Uber user ordering a concert ticket along with their ride without ever leaving the Uber app.
According to the magazine, SeatGeek had nearly 8 million app downloads as of Novembers and is believe to process at least $1 million per day in transactions. SeatGeek reportedly approached TopTix last year about licensing its software to run the back-end of SeatGeek Open. The company was so impressed it decided to buy the company.
TopTix will operate as a subsidiary of SeatGeek.