North American ticket marketplace Vivid Seats has acquired Toronto-based B2B technology firm Fanxchange for $60m (£46m/€53m).
Fanxchange lists tickets across multiple distribution verticals where consumers engage in content and commerce.
Under the agreement, Vivid Seats will power ticketing for brands, providing their consumers access to live events through its new partner’s technology.
Fanxchange provides white labelled live event ticketing solutions for loyalty programmes, financial institutions, travel providers, hotel operators, e-commerce marketplaces, and distribution partners; providing their users access to tickets for live events.
Stan Chia, Vivid Seats chief executive, said: “Vivid Seats is constantly exploring new ways to deliver more of the unparalleled joy of live events that has fuelled our success to date.
“With Fanxchange, their focus on servicing the live event ticketing needs of distribution partners is an important complement to the consumer marketplace that we’ve built to date. We are thrilled to add their talented team and robust B2B platform, ultimately connecting more fans, sellers, and partners with superior technology and the best marketplace experience.”
The deal is the first acquisition for Vivid Seats, a multi-billion tech company based in Chicago.
Brandon Koffler, chief executive of Fanxchange, said: “Since 2009, we have focused on building a company and platform driven by innovation. With access to Vivid Seats’ infrastructure, resources and scale, we can rapidly accelerate our growth in enterprise and distribution. We’re very excited about this opportunity.”
Through the acquisition, Fanxchange will become part of Vivid Seats with Koffler and Brookes continuing to lead the enterprise and distribution vertical, alongside their team in Toronto, Canada.
Image: Sebastian Ervi