Lyte confirms acquisition of Festicket and Event Genius assets

Featured image credit: Yvette de Wit on Unsplash

Event technology platform Lyte has confirmed the acquisition of Festicket and Event Genius assets. 

Festicket recently fell into administration after filing a moratorium in an attempt to rescue the company in August. 

Lyte had agreed to purchase Festicket and Event Genius’ assets last month and the acquisition has now been confirmed. 

Festicket worked with festivals and events as official partners to provide general admission and VIP tickets, which were then bundled together with travel, accommodation and various other add-ons.

Festicket’s recent demise resulted in the cancellation of Australia’s Borderline Music & Arts Festival.

The festival, which was due to take place next month in Wodonga, Victoria, was set to welcome 10,000 visitors to watch the likes of Jimmy Barnes and The Teskey Brothers. 

Another Australian festival, Lost Paradise in New South Wales, escaped the mess left by Festicket after promoter Finely Tuned switched ticketing firms.

Clubs in the UK have also suffered with Motion in Bristol owed £300,000 ($320,000/€333,000) and a brewing firm supplying drinks to Festicket events losing £25,000. 

A couple of weeks ago, Motion said in a statement: “As you may know from purchasing tickets through our website, Festicket and Ticket Arena were our ticketing partners for Motion and have been for the last 6 years.

“Our event partners and Motion are owed in excess of £300,000 due to not receiving payments for tickets sold through their platforms.”

In a release, Lyte said that the acquisition would protect employees and clients. It added that administrators are now undertaking the relevant processes for vendors and clients of Festicket, and that Lyte hoped to reconcile with affected promoter clients. 

Lawrence Peryer, Lyte’s chief commercial officer, said: “Lyte’s success to date has been achieved by building a coalition of employees, ticketing companies, and event organizers who share the aspiration to make all aspects of going to a show as great as seeing the talent that graces the stage.

“With the assets we have acquired in this transaction – and all of the new team members in the UK, Europe and Australia who we welcome as part of it – we are bringing global opportunities to our existing employees and partners while extending an offer of access to our alternate universe to all promoters, ticket platforms and fans worldwide. The future of live events is here.”