So far, the startup ticketing outfit has $25 million in funding raised over the last seven years. The firm primarily operates in Southern Europe, Latin America and Asia.
eBay, which owns and operates StubHub, is seeking growth as it moves to take on Ticketmaster with an all-new platform for both primary and secondary tickets. To promote the move in a somewhat out-of-the-box way, StubHub is also the first shirt sponsor in NBA history for the Philadelphia 76ers.
“The acquisition of Ticketbis will enable us to significantly scale StubHub’s international footprint,” said Devin Wenig, president and CEO of eBay, in a press release. “eBay’s global presence will help StubHub acquire new customers as it expands into markets outside of the U.S.”
Ticketbis is one of a handful of European firms exiting into American arms this season. eBay also acquired ExpertMaker, an artificial intelligence startup from Sweden, this week. In Ticketbis, eBay and StubHub have an easy passage into dozens of lucrative new markets and are saved from having to build the necessary local infrastructure to sell tickets.
StubHub’s main base of operations remains in the U.S., though it has also been open for business in Germany and the U.K. for a few years, and in Mexico as of this month. The deal is expected to close in the next several months, though details of the arrangement remain unknown. TechCrunch is currently estimating the value of the deal at $165 million.