Ticketmaster Announces Agreement To Acquire Paciolan
WEST HOLLYWOOD, CA and IRVINE, CA – July 2, 2007 – Ticketmaster, the world’s leading ticketing company and an operating business of IAC (NASDAQ: IACI), has entered into a definitive agreement to acquire all of the outstanding equity of ticketing services and software provider Paciolan. Based in Irvine, CA, Paciolan provides ticketing, fundraising and marketing technology solutions for 190 clients in North America, including a range of college athletics programs, performing arts organizations, arenas, professional sports teams, and museums.
The acquisition will enable Ticketmaster to compete more effectively in the highly dynamic live event business by providing the company with more people, technologies and approaches to serve the industry. Upon closing, Ticketmaster plans to augment Paciolan’s existing product and service offerings with proprietary features such as TicketFast online ticket delivery, Ticket Auctions, TicketExchange and VIP packages. Ultimately, the transaction will ensure that clients receive the best products and services possible, and that fans receive convenient and easy access to tickets and event information.
“Over the past 27 years, Paciolan has established itself as a successful ticketing solution for live events, especially in the segments of college athletics and the arts,” said Sean Moriarty, President and CEO, Ticketmaster. “This transaction is about giving clients full access to the wide spectrum of solutions and services that both companies offer. Dave Butler and his team are true professionals who are dedicated to providing the best service possible to their clients. We are thrilled to have the opportunity to welcome this talented team to the Ticketmaster family.”
“Our decision to join Ticketmaster reflects our deep commitment to providing our customers with what they want and how they want it,” said Dave Butler, CEO, Paciolan. “That commitment grows even stronger with this announcement, as we will have access to even greater resources, talent and assets.”
Upon completion of the transaction, Paciolan will continue to operate from its Irvine, CA location and will retain David Butler and the company’s current management team.
Paciolan’s primary selling shareholders are an established group of venture capitalists including Technology Crossover Ventures, Argentum Capital Partners, and Marwit Capital Company, as well as strategic investor Comcast Spectacor. The Agreement is subject to customary closing conditions, including obtaining regulatory approval.
Ticketmaster is the world’s leading ticketing company, operating in 20 global markets, providing ticket sales, ticket resale services, marketing and distribution through www.ticketmaster.com, one of the largest e-commerce sites on the Internet; approximately 6,500 retail outlets; and 20 worldwide call centers. Ticketmaster celebrated its 30th anniversary in 2006 and currently serves more than 9,000 clients worldwide across multiple event categories, providing exclusive ticketing services for hundreds of leading arenas, stadiums, performing arts venues, museums, and theaters. In 2006, the company sold more than 128 million tickets valued at over $7 billion on behalf of its clients. Ticketmaster is headquartered in West Hollywood, California and is an operating business of IAC (NASDAQ: IACI).
Founded in 1980, Paciolan is a leading ticketing services and software provider that offers ticketing, fundraising and marketing technology solutions for clients across North America. Paciolan provides a wholly integrated infrastructure that puts venues in direct control of their customer relationships, brands and revenue potential. Clients include a range of college athletics programs, professional sports teams, performing arts organizations, arenas and museums.
Paciolan’s clients include: Thomas & Mack Center, Louisiana State University, University of Oklahoma, University of Nebraska, The Resch Center, University of Michigan, Florida State University, University of Maryland, University of Southern California, University of North Carolina at Chapel Hill, the Colorado Rockies, San Diego Padres, Philadelphia Phillies, Denver Center for the Performing Arts, Toronto Symphony, American Museum of Natural History, Boston Museum of Fine Arts, National Aquarium in Baltimore and Dover Downs Entertainment, Inc. Visit www.Paciolan.com for additional company information.
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Ticketmaster: Ed Stewart – 310-360-2409 or Bonnie Poindexter – 310-360-2321
Paciolan: Shaw Taylor – 949-476-1212