Eventbrite is reportedly seeking an IPO for the end of the year, led by Goldman Sachs and JPMorgan Chase & Co., the Wall Street Journal is reporting. This comes just months after a hack crippled and disabled Ticketfly, one of its largest subsidiaries, for days.
The hack shut down Ticketfly, which operates ticketing websites for hundreds of venues, festivals and promoters as the busy summer and festival season reach its fever pitch. Ticketfly still has not been all that forthcoming about who was hacked, who the hackers were and what is being done about it. They say they are implementing new security measures after 27 million customers had their information stolen. They say financial information is safe.
When asked about the hack, an Eventbrite rep pointed us to the FAQ on the website that doesn’t offer any new useful information.
Eventbrite figures that even with the hack, their size and financial record is worth an IPO. According to Forbes, via Billboard, it processes over three million tickets per week, amounting to $10 billion in sales in 180 countries. It acquired Ticketfly in 2017 for $200 million from Pandora, in addition to other ticketing sites like Spain's Ticketea, Amsterdam-based Ticketscript.
It has also been good at raising money from big firms, bringing in $330 million.