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Business News Deals Live Business
Lyte buys Event Genius assets following Festicket falling into administration
By Chris Cooke | Published on Monday 12 September 2022
Lyte – the platform that allows event promoters to manage ticket reservations and resale – has seemingly bought some of the assets of Event Genius, the provider of various ticketing tools that was acquired by Festicket back in 2019.
The deal with Lyte comes as Festicket itself heads into administration, a development which has seemingly resulted in the Event Genius business also being wound up. According to TheTicketingBusiness, it sent an update to its partners on what is happening last week.
That update stated: “We can now tell you that an agreement has been made with Lyte for the sale of certain assets from the business, including the technology platforms and employee contracts. We are on a path to close this transaction on Monday 12 Sep”.
“In parallel”, it went on, “we are in a process to wind down the existing business, which includes the appointment of an administrator to determine what monies will be on-hand to pay out unsecured creditors and promoter obligations. You will be hearing more on that process from us soon”.
It then explained: “Going forward, Lyte will take over the operation and continue providing our end-to-end event management technology – while also offering their platform – to all of our partners. In addition, Lyte is preparing a proposal for new agreements with them which include plans to address what, if any, money you are owed by us”.
