Etsy today announced the completed acquisition of Reverb Holdings, Inc for $275 million, officially welcoming the vintage music gear marketplace to the team.
In July, Etsy announced the signing of a definitive agreement to acquire Reverb, marking an important move in owning a second marketplace.
“We see significant potential in the Reverb marketplace and look forward to supporting them as they enable more and more music lovers around the world to buy, sell, connect, and learn. It is our goal to unlock further value in what is already a strong and vibrant business with key competitive differentiation.”
– Josh Silverman, chief executive officer, Etsy
Reverb will continue to operate as a standalone business. There are a number of similarities between Etsy and Reverb’s businesses, such as the focus on improving search and discovery, making selling and buying easier, and growing their global brands and communities. The two companies will share knowledge and best practices, and Etsy plans to leverage its marketplace expertise to help Reverb further scale and grow.
Etsy will provide an update on the impact of Reverb to their 2019 financial guidance in conjunction with the release of their third-quarter 2019 earnings.
Etsy will also file Reverb’s historical financial statements on Form 8-K/A within the time period required by the US Securities and Exchange Commission.
