LiveXLive has entered into a binding agreement to acquire Wantickets RDM, Inc. in a stock transaction.
The deal enables LiveXLive parent company Loton Corp to enter the music ticketing sector; Wantickets has more than 15 years of experience in the electronic dance music space through its ticketing and ancillary solutions.
The company, which generated around $50 million in revenue last year, has evolved into a media and technology business with end-to-end solutions in ticketing, marketing, artist touring, software, media and branding. Wantickets' clients include festivals, nightlife destinations and sporting events such as XS, Wynn Las Vegas, and Formula Drift.
"We are excited to become a part of the LiveXLive family," said Joe Schnair, CEO of Wantickets. "Our strong marketing and ticketing capabilities combined with LiveXLive's live music streaming network allows the company to take advantage of synergies in the emerging digital music market," he continued.
"We believe the acquisition of Wantickets presents an ideal opportunity to expand content reach and build LiveXLive's subscription model by utilizing the company's massive database of live music buyers," said Robert Ellin, LiveXLive founder and chairman.
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