In a major move that instantly makes SeatGeek one of the largest primary ticketers in the world, the tech company announced the acquisition of Israeli ticketing software company TopTix for $56 million.
The purchase represents a significant investment in primary ticketing on behalf of SeatGeekas it continues to build the ticketing platform of the future, SeatGeek Open, and shows confidence in its ability to replace industry incumbents as the premiere ticketing platform for rightsholders.
The acquisition was financed by a new $57 million Series D investment round in SeatGeek led by Glynn Capital, with participation from existing investors Accel, Causeway Media Partners, Haystack Partners, Mousse Partners, and Technology Crossover Ventures.
TopTix brings a modern ticketing platform and a talented engineering team to SeatGeek, and has provided the leading ticketing software for more than 500 institutions.
TopTix processes 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 organisations such as the Royal Dutch Football Association and multiple English soccer clubs.
TopTix will power the expansion of SeatGeek Open, SeatGeek’s primary ticketing platform that launched in August of 2016.
“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.”
TopTix has served as SeatGeek’s technology partner for the company’s first primary ticketing client, Sporting Kansas City of Major League Soccer. The early results of SeatGeek Open are promising: the technology has helped Sporting KC increase online sales by 61 percent thus far compared to last season, and drive four times the amount of mobile purchasing the team saw with their previous ticket provider throughout 2016.
“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.”
TopTix Co-Founder, Eli Dagan, who will continue to lead the core engineering team in Israel, said: “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.”
TopTix will operate as a subsidiary of SeatGeek, continuing to service clients across the globe.
