CHICAGO (CelebrityAccess) Online ticketing marketplace Vivid Seats, based out of Chicago, has agreed to purchase Toronto-based ticketing company Fanxchange for up to $60 million.
While Vivid Seats focuses on maintaining a marketplace where fans can buy and sell tickets, Fanxchange distributes tickets for loyalty programs and financial institutions, among other entities. The acquisition will extend Vivid Seats’ reach beyond consumers, company CEO Stan Chia said in a statement.
Fanxchange’s software is used by Groupon, Marriott, and American Express, among others, to sell tickets. The value of the deal depends on whether financial targets are reached.
This is Vivid’s first acquisition and will bring the company’s staff count to around 550 because of the addition of Fanxchange’s 50 employees. Chia said the company plans to hire another 100, half of them in product, engineering and data science roles.
Vivid Seats has been valued at $1 billion in several recent articles.