Reverb has a sign a deal to be acquired by Etsy for $275 million. The cash deal for the new and used musical instrument marketplace is expected to be finalized in the third or early fourth quarter of the year.
"Reverb will remain a standalone business," says Reverb founder and CEO David Kalt, "but with the added support of Etsy—the global online marketplace for handmade and vintage items, with millions of buyers and sellers from nearly every country in the world."
Reverb was founded in Chicago in 2013, and its sellers include individuals, brick-and-mortar retailers, dealers and musicians. Etsy is an e-commerce website focused on handmade and vintage items.
Etsy stock has inched up 1.09% in early trading and is up over 50% in the last year.