San Francisco ticketing firm Vendini has acquired CrowdTorch, the ticketing company formerly owned by conference registration giant Cvent. It’s the third acquisition for Vendini — in 2014 the company purchased In Ticketing and in 2012 it bought Data Flow Enterprises.
The move to Vendini ends CrowdTorch’s short run with Cvent, which purchased the company in 2013 when it was called TicketMob. Cvent made the acquisition prior to its Dec. 2013 IPO, renaming it CrowdTorch and expanding its reach into the EDM scene with promises from TicketMob founder and CrowdTorch CEO Scot Richardson that the platform would be expanding into new verticals.
Growth was slow for the company, and several former employees told Amplify that CrowdTorch’s company culture didn’t gel with Cvent and that the company’s ability to sign new clients was much slower than Cvent CEO Rajeev K. Aggarwal had hoped.
“He was caught off guard by the ticketing industry’s signing bonus culture,” one former employee said. “He didn’t see the value in spending big bucks to acquire clients and quickly realized that the industry was very competitive and very costly.”
Vendini did not disclose how much it paid for CrowdTorch, but the deal positions Vendini for continued growth into the music space. Vendini now has 130 employees and is expected to hit $2-billion in transactions in 2016.
“There are companies who are eating, and there are companies who are being eaten,” said Vendini CRO, Keith Goldberg in a release announcing the deal. “We wanted to purchase what we believe to be a best-of-breed solution, especially one with technologies and a culture that aligns with the Vendini brand and vision. We found that in CrowdTorch.”
Vendini officials said they will keep CrowdTorch’s ticketing platform intact and operate the company as CrowdTorch by Vendini.
“The engineering and support teams will also become part of the Vendini family to help develop our next-generation live event solution incorporating the best of both solutions,” a statement from the company reads.
“We are incredibly excited about this acquisition of CrowdTorch,” said Vendini CEO Mark Tacchi in a release. “This allows us to jump further into the B2C ticketing marketplace, integrate some great technology into our solution and reach deeper into new verticals like clubs and comedy.”