Groupmatics Completes Strategic Talent Acquisition
Friday, October 14, 2016
CLEVELAND -- Groupmatics, which has transformed online ticketing with its groundbreaking software platform, announced today that it is accelerating the group-ticketing revolution by making a strategic talent acquisition of custom-software development company Prototype1.
The acqui-hire deal means Prototype1 partners Oleg Fridman and Dave Hurt -- and their team of seven developers -- will join the Groupmatics family. The deal closed October 3.
“Prototype1 helped us tremendously when we upgraded and enhanced our award-winning platform,” Groupmatics CEO Matt Mastrangelo said. “Now the talented Prototype1 team will focus all of its efforts on Groupmatics’ goal of helping every team, every league and every venue optimize group-ticketing sales.
“This move will bring our clients more features and even better service,” Mastrangelo added. “That means more data and profits for more clients and more convenience for their customers.”
The fruits of the deal will be seen immediately, Mastrangelo said.
“We’ve been working and building a great relationship with Prototype1 for two years, so the transition will be seamless,” he said. “We’re going to see even faster development and technology growth.”
Fridman, who becomes Groupmatics Chief Technology Officer, brings not only proven software expertise but also an impressive entrepreneurial record. Among other ventures, he was one of three co-founders of ONOSYS Online Ordering, which was acquired in 2012 by then-online giant LivingSocial.
Hurt, who becomes Groupmatics Vice President of Product & Operations, succeeded in a similar role with ONOSYS.
“Groupmatics is perfectly positioned,” said Fridman. “With a disruptive concept; an innovative platform; a growing and loyal list of clients; and two rounds of funding under our belts, we are excited to join this forward thinking team.”
When it launched its software platform in 2012, Groupmatics immediately began revolutionizing how teams and venues handled group-ticketing sales. Instead of cold-calling, prospecting and counting on renewals from last season, sales reps with teams and venues could now take advantage of qualified leads captured by the Groupmatics platform from every group-ticket holder, not just the group leader. Immediately teams and venues began uncovering new revenue.
“I sold group tickets for years,” said Mastrangelo. “I remember the headaches, the inefficiencies and the missed data opportunities. Groupmatics solves all of that. Our platform not only simplifies sales, it multiplies sales.”
Customers love the platform as well. Group leaders no longer have to worry about collecting money, figuring out where people will sit and handing out tickets. The Groupmatics online platform collects payments, allows users to select seats and then delivers tickets digitally, all while capturing buyer data. And it happens online, any time of the day or night.
The results? Lightning-fast growth for Groupmatics.
The Cleveland-based company now boasts a roster of 65 clients across 13 leagues and industries. Clients include the Boston Red Sox, Golden State Warriors, Columbus Blue Jackets and Cleveland’s Playhouse Square.
Groupmatics saw a 540% increase in revenue in 2015. So far in 2016, revenues have jumped by more than 250%. The company also boasts two successful rounds of financing.
The sports and entertainment industries have taken notice: Groupmatics has been named one the top start-ups in sports by SEAT, the Sports & Entertainment Alliance in Technology. In addition, Groupmatics was honored with the Innovator of the Year Award at the 2016 Tickets.com ProVenue Exchange Conference.
“Our clients are seeing how much more revenue they can generate with the Groupmatics platform,” said Mastrangelo. “This acquisition exemplifies our dedication to being the technology leader in the group ticketing industry