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Time Out acquires YPlan
By Andy Malt | Published on Monday 24 October 2016
Time Out has acquired ticketing app YPlan. The deal is worth £1.6 million, rising to £2.4 million after twelve months if certain conditions are met. Which might sound good, except that the ticketing start-up previously raised over £30 million in venture capital finance.
“Developing ecommerce and monetising our audience is an important element of our ambitious growth strategy”, says Julio Bruno, Time Out Group CEO. “We acquired YPlan because its advanced technology will significantly accelerate this strategy. It will enable us to offer our large audience more online booking opportunities, whilst improving the user experience”.
There is a logic to Time Out acquiring YPlan, despite its new asset being a loss-making concern. The Time Out business itself is pursuing that “ambitious growth strategy” having floated on the AIM stock exchange in London back in June.
The YPlan app allows people to book tickets for events happening that day, and will seemingly continue to operate as a standalone operation for the time being.
