Lyte acquires the distressed assets of Festicket and Event Genius.
After entering a moratorium period on August 17 that lasted until September 15, UK ticketing companies Festicket and Event Genius have sold their assets to US ticketing company Lyte. Lyte states that “fundamental to Lyte’s focus throughout the acquisition process was the protection of both the Festicket employees and the clients that they have served,” with a commitment to finding ways to reconcile and rebuild client relationships.
Festicket was launched in 2011 by Zach Sabban, Jonathan Younes, and Jerome Elfassy as a solution to help fans book concert tickets and travel accommodations online. Festicket purchase Event Genius in 2019.
“Ten years ago, I visited London for the 2012 Olympic games. The events were sold out, there were no tickets on the streets, but the venues were half-full. I was just a fan but that empty seats problem stuck with me and led me to start Lyte a couple years later,” says Ant Taylor, Lyte’s founder and CEO. “To be launching Lyte’s international expansion from the place where it all started is truly special. Our company vision is to make the live events e-commerce experience magical for fans and event creators the world over… This is a step in that direction. Now the real work begins.”
Lawrence Peryer, Lyte’s Chief Commercial Officer, adds: “With the assets we have acquired in this transaction — and all of the new team members in the UK, Europe, and Australia who we welcome as part of it — we are bringing global opportunities to our existing employees and partners while extending an offer of access to our alternate universe to all promoters, ticket platforms, and fans worldwide. The future of live events is here.”
“All former clients of Festicket have been reached out to, and many have begun signing with Lyte, including Slammin Events in the UK and Vic Falls Carnival in Zimbabwe,” reads a press release from Lyte. “More signing across the United Kingdom, Europe, and Australia will be confirmed in the coming days.”
Festicket and Event Genius have together and independently worked with hundreds of festivals and events across the UK, Europe, Australia, and Latin America. Lyte’s acquisition facilitates offering unique experiences to fans attending live events worldwide, building upon their existing successful partnership integration model with ticketing platforms in the US.