EBay acquires Biscayan company Ticketbis

Tuesday, May 24th, 2016

Logo de ticketbis

Turnover in 2015 was around 85 million euros, representing growth of 57% over 2014 figures

Biscayan company Ticketbis, created in 2010 in Bilbao, has been acquired by Internet trading giant EBay in a deal valued at about 150 million euros. Ticketbis launched its business with the assistance of the SPRI Group, the Basque business development agency, part of the Department of Economic Development and Competitiveness, which invested in the company’s first capital expansion through the Basque Country Venture Capital Fund. It is currently operating in 47 countries.

 

The acquisition has been carried out through StubHub, the subsidiary of the global Internet auction and e-commerce giant, taking over this company that allows users to buy and sell tickets for all kind of events. Ticketbis is an online ticket marketplace for events around the world. The platform acts as an intermediary between seller and buyer, ensuring a secure transaction. “The seller is only paid when the buyer has enjoyed the match or concert”, explains Jon Uriarte, one of the founders of Ticketbis. “And if we discover fraud, we block payment”.

 

Ticketbis started with 400,000 euros, which was used to develop the product, begin to form the team and launch the company in Spain. It worked very well in its first month, billing 36,000 euros, and in a short time managed to start making a profit. International expansion was already foreseen in its business plan. Consequently, before the end of the first year, it launched in Portugal as a testbed. It was a success and it opened up to the world.

 

Turnover in 2015 was around 85 million euros, representing growth of 57% over 2014 figures. In fact -and always according to data provided by the company itself- the evolution of turnover at Ticketbis in recent years (beyond real profits) has been meteoric: whereas it achieved 1 million euros in its first year, it reached 5.5 million in 2011.

Ticketbis has some 400 employees around the world, and had just closed a round of funding that attracted more than 23 million euros from investors as powerful as the Spanish fund Active Venture Partners.

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