[UPDATED] No-fee ticket marketplace TickPick has acquired ticket reseller Razorgator. Details of the acquisition were not disclosed, but Razorgator had raised $60 million in funding from Oak, Kleiner, Perkins, Caufield & Byers and Steamboat since 2001.
Suggesting a purchase price well under $60 million, TickPick says that this acquisition came in response to the market consolidation occurring throughout the secondary ticket marketplace. The company is planning more similar acquisitions that take advantage of the crowded and volatile secondary ticketing sector.
Razorgator has previously sold more than 3.5 million tickets to 250,000 different sporting, musical, and theater events throughout the United States.Today's acquisition does not cover the corporate ticketing business that Razorgator operates with select corporate partners.
Razorgator management will act as consultants after the acquisition.
“We’re excited to complete this acquisition of the longstanding Razorgator brand and customer base,” said Brett Goldberg, cofounder and co-CEO 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. We’re going to further improve the brand through our white label capabilities, which features our smooth back-end technology and amazing customer service. We’re bringing the best TickPick has to offer to the one million Razorgator customers through our ‘Best Price Guarantee’ and low transparent fees, which make our tickets consistently less expensive than those offered by competitors.”