eBay announced an agreement to acquire Ticketbis, an international ticket marketplace, which will become part of its existing StubHub ticket marketplace. Ticketbis currently has a presence in 47 countries, eBay explained.
The acquisition of Ticketbis is StubHub’s latest geographic expansion, preceded by the launches in Mexico in May 2016, Germany in September 2015 and the UK in March 2012. With the acquisition, StubHub will grow its presence across Latin America and Europe and expand into Asia Pacific.
Ticketbis, based in Spain, boasts over 300,000 tickets sold at over 90,000 events with a team of over 350 specialists in more than 40 countries. “We have a network of local offices and a customer service department tailored to each market. This way we can always assist the customer in their own language with the necessary purchase, sale and the event information,” it states on its website.
While StubHub’s revenue is a fraction of eBay’s total revenue, StubHub has a better growth rate, growing revenue 34% in the first quarter of 2016, and growing GMV 29%. StubHub recently launched a test of virtual reality technology that enables fans to get an immersive view from available seats.
The transaction, subject to customary closing conditions, is expected to close in mid-2016. Terms of the deal were not disclosed.
You can find the full announcement on the eBay corporate blog.