Accesso Technology Group acquires third-party ticket distribution business
Thursday, March 30, 2017
by Jamie Ashcroft | ProactiveInvestors.com.uk
() has unveiled a new acquisition with a deal to pick up online event ticketing specialist Ingresso Group.
Ingresso counts Lastminute.com and Amazon tickets among its partners and Accesso expects the deal will significantly open up larger global distribution channels for the company’s existing ticketing customers.
The AIM quoted company is paying £17.5mln as an initial cash consideration, with the total acquisition cost – after further payments and ‘earn out’ arrangements – capped at £28mln.
The acquisition further deepens Accesso’s ability to drive efficiency for customers and add value to existing ticketing operations, it added. At the same time it opens up Accesso’s ticketing inventory to Ingresso, creating further growth and synergy.
Tom Burnet, Accesso executive chairman, in a statement said: “Our guiding purpose at Accesso is to help our clients drive revenue and improve their guest experience.
“It has been that way from our very first day as a company and today's acquisition of Ingresso deepens that commitment further still.”
Burnet describes the ticketing experience is “absolutely central” for Accesso’s customer’s operations.
“For many of our customers, access to third party distribution channels for ticket sales is an important revenue stream,” he added.
“In acquiring Ingresso, we will help connect venues with their visitors via third party distribution outlets in a technologically and financially efficient service-minded manner.
“We will open up our customers' venues to a significantly larger pool of potential visitors, while also creating new opportunities for growth through combining our platforms, leveraging our scale and deepening our relationships in the industry."
Accesso is funding the acquisition by extending an existing debt facility with Lloyds Bank, which now allows the group to draw-down up to US$60mln.