Broker Genius and Seat Scouts announced Tuesday that the two companies would be merging. The two companies had been engaged in a lengthy legal battle, which is being set aside as Seat Scouts products and employees are brought under the Broker Genius umbrella. The merged companies will see Broker Genius’ Sam Sherman remain CEO with John Lucier as CFO. Drew Gainor, CEO and founder of Seat Scouts, will serve as Chief Product Officer.
“By bringing our companies together through this merger, we are creating an even stronger platform for our clients,” says Sherman. “The combined business will have tremendous cost and technology synergies and will enable accelerated innovation. Drew and I have spent much of the last 4 months to get this merger done and I look forward to working together on our exciting roadmap.”
“We are very excited to be joining the Broker Genius team,” Gainor added. “Combining our industry-leading products, Uptick, Atlas, Sync, and Event Watcher will guarantee our platform fits the needs of every ticket reseller. Now, more than ever, this industry needs a unified platform that can provide maximum efficiency to our clients’ ticket operations. Our team is committed to continuing to provide the same industry-leading innovation and service our clients have grown accustomed to.”
Both companies were competing for ticket broker clients with tools for pricing properly to the marketplace in realtime using data analytics. Broker Genius was founded in 2013. Seat Scouts followed in 2017, entering the market to take on its established counterpart. A flurry of lawsuits included allegations of improper poaching of proprietary technology that went in favor of Broker Genius. Now united, the companies are focused on their 2021 product road map, “which includes brand new products as well as launching an all in one solution,” according to the press release announcing the merger.
“This is the rare type of transaction that should excite investors, clients, board members, and employees alike,” says Guy Levy-Yurista, Ph.D., Chief Strategy Officer at Sisense, and a Broker Genius board member. “Being able to bring together two organizations that can offer a combined experience that will delight their customers while increasing shareholder value is not something that happens every day. Together we will be targeting the entire value chain in the multi-billion $’s events ticketing market that has just undergone a major disruption due to the COVID-19 pandemic and jointly help rebuild this industry.”
The press release announcing the merger is available here