SFX acquires majority stake in European ticketing firm Paylogic
SFX Entertainment acquired a majority stake in Europe's ticketing services firm Paylogic. The said deal is valued at approximately USD16.5 million, according to Digital Media Wire.
Formed 5 years ago, the European ticketing firm now has headquarters in Amsterdam, Berlin, Antwerp, and Groningen. The company offers white label ticketing services to over 2,000 clients. In addition, Paylogic has also launched its services in the US, the report said.
Robert F.X. Sillerman of SFX Entertainment said of the ticketing services provider, "Paylogic has consistently proven its ability to handle unprecedented ticket requests. This kind of technical skill will be invaluable to us as we connect the millions and millions of EMC fans to the content and events they love, and to each other through integrated social media."
Paylogic is just one of the major acquisitions that SFX has made in recent months. The deal was financed through an initial public stock offering. Private equity partners including hedge fund Och-Ziff Capital also helped finance the transaction, Digital Media Wire reported.