Secondary ticket marketplace TickPick has bought bust resale platform Razorgator and vowed to make further acquisitions.
TickPick, which did not give financial details, said the acquisition was “completed in response to the market consolidation occurring throughout the secondary ticket marketplace.” It said in a statement that it expects to add one million Razorgator customers through the purchase.
The deal comes three months after Razorgator laid off employees and shuttered offices after declaring financial insolvency and that it was unable to honour its contracts. Razorgator has sold more than 3.5 million tickets to over 250,000 different sporting, musical, and theatre events throughout the US in the last 17 years.
The TickPick acquisition does not cover the corporate ticketing business that Razorgator operates with select corporate partners.
“We’re excited to complete this acquisition of the longstanding Razorgator brand and customer base,” said Brett Goldberg, cofounder and co-chief executive of TickPick.
“The Razorgator brand has significant value, as the average customer orders nearly $500 (in tickets) each time they place an order and they’re extremely loyal to the brand.”
The Razorgator website and brand will remain in place, but will be reformatted to be based on TickPick’s new white label solution that includes its ‘Best Price Guarantee’ that promises to beat any competitor’s pricing for the exact same ticket.
Through the deal, TickPick will also leverage some of the back-end technology owned by Razorgator, including “consumer-friendly” pricing engines.
“We’re going to further improve the brand through our white label capabilities, which features our smooth back-end technology and amazing customer service,” said Goldberg.
“We’re bringing the best TickPick has to offer to the one million Razorgator customers through our all-in pricing and low transparent fees, which make our tickets consistently less expensive than those offered by competitors.”