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Time Out expands ecommerce offering with acquisition of events booking platform

Global media firm Time Out is to acquire event discovery and ticketing platform YPlan as it looks to expand its ecommerce product.

The acquisition, which continues Time Out’s post-IPO strategy of investing in its technology provision, will allow users to discover, book and share events within Time Out’s website once YPlan’s booking platform is fully integrated.

Founded in 2012, the London-based tech firm has developed its ecommerce platform which allows users to discover and book events in London, Bristol and Dublin.

Julio Bruno, Chief Executive of Time Out Group, commented: “Developing e-commerce 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, whilst improving the user experience.”

Announced to the stock exchange this morning, the deal for the London-based ‘mobile-first’ tech firm will be on a debt free, cash free basis and payable in Time Out shares, with an initial share issue of £1.6m followed 12 months later by another £0.8m issue provided arrangements are met under the sale and purchase agreement.

However, Time Out did admit that YPlan’s pretax losses this year would be ‘mildly dilutive’ to the wider group’s earnings in this financial year before being fully absorbed next year.

In a joint statement, YPlan co-founders Viktoras Jucikas and Rytis Vitkauskas described both companies as an ‘excellent fit’ and that they looked forward to working with the global media brand.

They added: “For us as founders, the acquisition is a natural continuation of our vision for YPlan: to enable people to discover and do amazing things, whether in their beloved home cities or while traveling.

“We’re both very proud to join with our team such an iconic brand and to be part of Time Out’s next chapter.”

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