CVC pumps $75m into resale ticket distributor DTI
CVC Capital Partners, the London-based private-equity firm which last month agreed to sell its controlling interest in Formula 1 to Liberty Media Group, has bought into DTI Management, an inventory management and distribution platform for ticket resellers.
Virginia-based DTI, one of the Washington Business Journal’s fifty fastest-growing companies of 2016, distributes its customers’ tickets to “99% of the secondary ticket resale websites on the internet”, including StubHub, Vivid Seats, SeatGeek and Ticketmaster’s resale sites, using proprietary software.
CVC says its goal for the cash – a joint investment with New Amsterdam Growth Capital totalling US$75 million – is to make DTI “the global leader in sports and live entertainment ticket distribution”.
“This investment will allow DTI to continue scaling our platform, which has emerged as the leading choice for ticket brokers, and to secure access to large-scale ticketing deals on their behalf”
DTI’s CEO, Curtis Cheng – the founder of resale site Ticket Monster and a former shareholder in Ticket Technology, which was acquired by StubHub in 2008 – says: “This investment will allow DTI to continue scaling our platform, which has emerged as the leading choice for ticket brokers, and to secure access to large-scale ticketing deals on their behalf.”
CVC managing partner John Clark adds: “DTI is a clear industry leader, bringing transparency and accountability to the secondary ticket selling environment while also providing value to key constituents in the ticket value chain. The secondary ticketing market has seen strong growth in recent years, and we are excited to partner with Curtis and his management team.”
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