UK based the events discovery and booking platform YPlan, has been sold to Time Out Group for an initial price of £1.6 million. Yplan had already raised approximately £31 million and well-known VCs Octopus Investments, Wellington Partners and General Catalys are already in big loss.
Sources suggests that combined with its “high-quality curated content” the acquisition will help its monthly global audience of 137 million to discover, book and share what the world’s cities have to offer, “faster, easier and better than ever before”.
It’s also talking up YPlan’s tech and says the purchase is in line with Time Out’s post-IPO intention to invest in technology and product in order to grow the e-commerce side of its business and to expand its team of engineers.
“The technology will further enable the Company to manage transactions between consumers and businesses in-house, improving the user experience. The Acquisition also brings a talented product development and technology team, with the specific know-how to drive bookings and optimise the conversion rate of Time Out’s audience,” says Time Out Group in a statement.