Digital Ally has announced the acquisition of TicketSmarter, LLC and Goody Tickets, LLC, bringing the growing ticket marketplace into its portfolio at a price of $14.1 million, according to a press release. The companies will be combined and operated as a subsidiary to Digital Ally, Inc. (NASDAQ: DGLY). The combined entity will operate as TicketSmarter, Inc.
“We are excited to add TicketSmarter to our growing holdings of solid earnings and growth-potential businesses; we believe the TicketSmarter acquisition will be accretive to earnings immediately and that shareholders will benefit from its long-term value based on the attractive price we paid as compared to the multiples commanded by similar public companies,” says Digital Ally CEO Stan Ross. “We are eager to work with Jeff Goodman and his team to continue this business on its growth trajectory, while leveraging organizational synergies and optimizing integration opportunities with other Digital Ally holdings, such as our video recording and health protection products.”
TicketSmarter has grown rapidly since its launch in early 2019, and currently boasts more than 48 million tickets for sale over 125,000 live events, primarily serving the North American market. It has built its brand with a number of high-profile partnerships, which include being the official ticket resale partner of Rose Bowl Stadium in California and the title sponsor of the TicketSmarter Birmingham Bowl. It is also the official ticket resale partner of more than 35 collegiate conferences and 250 individual universities. Goody Tickets was launched as a ticket brokerage nearly a decade earlier in Overland Park, Kansas, where it has remained. Digital Ally is headquartered in Lenexa, Kansas.
“As we considered funding strategies for the fulfillment of our long-term vision for TicketSmarter, it became apparent that Digital Ally’s resources – and Stan’s connections in the live entertainment industry – would be critical for our company’s continued growth as an innovation leader in our industry,” says Goodman, who will remain as CEO at the combined TicketSmarter, Inc.
Digital Ally is a company that specializes in the design and manufacture of video recording equipment and video analytic software. Its product line includes vehicle and body camers, software storage and automatic recording technology, as well as a health protection products line and non-contact thermometer and controlled entry devices. It characterized its pickup of the seeming outlier to its normal product range as a continuation of its drive to “add organizations that demonstrate the common traits of positive earnings, growth potential and organizational synergies.”
Through its controlled entry, security camera/software and disinfection product lines, the management of Digital Ally has made a number of clients in the live entertainment and venue space, including NASCAR, and Indy racing operations and many venues across North America.
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