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The all-stock deal – significantly less than the roughly £31m raised by the start-up since 2012 – will make the Time Out Group "stronger than ever", says its CEO
By IQ on 24 Oct 2016
Last-minute event discovery and ticket sales platform YPlan has been acquired by the Time Out Group in a £1.6m all-stock deal.
UK-based Leanworks – trading as YPlan – has raised more than £31 million since its founding in 2012 by Lithuanians Rytis Vitkauskas and Viktoras Jucikas, who say in a joint statement the company is an “excellent fit” for Time Out.
Yplan lost £6.2m in 2015, although Time Out notes that “subsequent reductions in its cost base have materially reduced losses in the current year” and so expects the acquisition have only a “mildly dilutive” effect on its turnover this year.
“[Buying Yplan] will enable us to offer our large audience more online booking opportunities while improving the user experience”
Time Out, which has been listed on the London Stock Exchange’s AIM market since June, operates in 108 cities worldwide and offers recommendations for food, attractions, art, culture, shopping and nightlife. Its CEO, Julio Bruno, says: “Developing ecommerce and monetising our audience is an important element of our ambitious growth strategy. We acquired YPlan because its advanced technology will significantly accelerate this strategy. It will enable us to offer our large audience more online booking opportunities while improving the user experience.
“We look forward to welcoming the highly skilled YPlan employees to the Time Out team. Together we will be stronger than ever to bring our customers the capabilities to make the most of the city and to make Time Out an even better place to discover, book and share.”
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