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Report: Lyte to acquire Event Genius assets

With parent company Festicket set to fall into administration, Event Genius has reportedly agreed to offload certain assets to US-based Lyte

By James Hanley on 09 Sep 2022


Ticketing exchange and technology firm Lyte is reportedly acquiring certain assets from Festicket-owned Event Genius.

Earlier this week, it emerged that Festicket was on the verge of falling into administration after a moratorium filed by the festival discovery and booking platform came to an end, with Companies House documents stating it was “no longer likely to result in the rescue of the company as a going concern”.

Now, according to an update to partners seen by The Ticketing Business, Event Genius – the ticketing and cashless payments specialist acquired by Festicket in 2019 – confirms it is winding down its existing business and has reached a deal with US-based Lyte.

“An agreement has been made with Lyte for the sale of certain assets from the business, including the technology platforms and employee contracts”

“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,” it says. “We are on a path to close this transaction on Monday 12 September.

“In parallel, 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.”

Event Genius worked with well known European events, including BPM Festival, Ibiza Rocks, Summer Daze and Annie Mac’s Lost & Found Festival.

“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,” adds the update. “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.”

 


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