Ticketmaster announced this morning that it has acquired VC-backed online ticket reseller TicketsNow. peHUB has learned that the sale price was approximately $295 million in cash, compared to an earlier report that pinned it at around $265 million. The discrepency is likely due to such items as the exercising of options and excess working capital.
The sale process was run as a limited auction, because acquiring TicketsNow only makes sense for a small number of companies. The most obvious alternate buyer would have been eBay, which a source says “took a very close look” and “participated in the bidding process.” eBay had bought rival ticket reseller StubHub last year for $310 million.
TicketsNow raised its first institutional round of funding in mid-2006, with an $8 million bridge loan from Draper Fisher Jurvetson, Portage Venture Partners and New World Ventures. Those notes then converted as part of a $35 million equity round last year, which was led by Adams Street Partners.