Eventbrite Announces Financing with Francisco Partners
May 11 2020 - 4:05PM
Business Wire
Flexible financing will strengthen the
company’s liquidity position and reinforce its long-term growth
strategy
Eventbrite, Inc. (NYSE: EB), a global self-service ticketing and
experience technology platform, today announced the company has
secured financing with Francisco Partners of up to $225 million.
The investment will help fund the execution of the company’s
long-term growth strategy, strengthen its liquidity position and
provide greater flexibility to manage through a range of recovery
scenarios and the return to live events.
Eventbrite was founded with the vision of enabling event
creators to be successful. This vision comes to life through an
intuitive and reliable platform. Creators are empowered with the
tools and insights to create and manage events, reach new audiences
and sell more tickets for both online and in-person experiences.
Eventbrite is a powerful and dynamic platform for bringing people
together and serves a community of nearly one million creators who
transacted more than 309 million tickets to approximately 4.7
million events last year alone.
“The world has changed amidst the COVID-19 global pandemic, and
the live experience industry must adapt in response to the new
normal,” said Julia Hartz, Eventbrite CEO and co-founder. “This
moment in time is marked by the resilience and ingenuity of the
event creators and ticket buyers we serve. Our sole focus is
supporting our professional customers, many of whom are small
businesses. The flexible financing from Francisco Partners will
help us fund our growth strategy and emerge from this crisis as a
market leader. Together, we will move through this turbulent time
to bring people together for live experiences once again.”
The financing from Francisco Partners will give Eventbrite
flexibility to manage through the effects of COVID-19 by tailoring
its capital needs to the changing environment, while also
reinvesting in its leading self-service platform.
“The founders and team at Eventbrite have built one of the most
technologically advanced digital ticketing and experiences
platforms in the world,” commented Peter Christodoulo, Partner at
Francisco Partners. “We are thrilled to partner with them as they
reaccelerate their growth strategy and further their commitment to
event creators as a leading provider in the sector.”
Eventbrite was advised by Morgan Stanley & Co. LLC and Allen
& Company LLC as its financial advisors, and Latham &
Watkins LLP as its legal advisor. Francisco Partners was advised by
Jefferies LLC as its financial advisor and Akin Gump Strauss Hauer
& Feld LLP and Kirkland & Ellis LLP as its legal
advisors.
About Eventbrite
Eventbrite is a global self-service ticketing and experience
technology platform that serves a community of nearly one million
event creators in over 180 countries. Since inception, Eventbrite
has been at the center of the experience economy, transforming the
way people organize and attend events. The company was founded by
Julia Hartz, Kevin Hartz and Renaud Visage, with a vision to build
a self-service platform that would make it possible for anyone to
create and sell tickets to live experiences. The Eventbrite
platform provides an intuitive, secure, and reliable service that
enables creators to plan and execute their live and online events,
whether it’s an annual culinary festival attracting thousands of
foodies, a professional webinar, a weekly yoga workshop or a youth
dance class. With over 300 million tickets distributed to more than
4 million experiences in 2019, Eventbrite is where people all over
the world discover new things to do or new ways to do more of what
they love. Learn more at www.eventbrite.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm that
specializes in investments in technology and technology-enabled
businesses. Since its launch 20 years ago, Francisco Partners has
raised approximately $24 billion in committed capital and invested
in more than 275 technology companies, making it one of the most
active and longstanding investors in the technology industry. The
firm invests in opportunities where its deep sectoral knowledge and
operational expertise can help companies realize their full
potential. For more information on Francisco Partners, please
visit: www.franciscopartners.com.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements,
including but not limited to statements regarding the company’s
liquidation position and plans to execute its long-term growth
strategy and investment plans. These forward-looking statements
reflect the company’s views regarding current expectations and
projections about future events and conditions and are based on
currently available information. These forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties and assumptions that are difficult to predict,
including risks related to the COVID-19 pandemic and resulting
worldwide cancellation of live events, which had been the
cornerstone of the company’s business, and related uncertainty
regarding the duration of the shutdown of live events and the
possibility that future shutdowns will occur, whether as a result
of the COVID-19 pandemic, other public health concerns or epidemics
or other factors adversely affecting the live event market, the
company’s ability to achieve the expected operating expense savings
from its global workforce reduction, and the Risk Factors
identified in the company’s most recently filed annual report on
Form 10-K; therefore, the company’s actual results could differ
materially from those expressed, implied or forecast in any such
forward-looking statements. Expressions of future goals and
expectations and similar expressions, including "may," "will,"
"should," "could," "aims," "seeks," "expects," "plans,"
"anticipates," "intends," "believes," "estimates," "predicts,"
"potential," "targets," and "continue," reflecting something other
than historical fact are intended to identify forward-looking
statements. Unless required by law, the company undertakes no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
However, readers should carefully review the reports and documents
the company files or furnishes from time to time with the
Securities and Exchange Commission, particularly its annual reports
on Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20200511005832/en/
Press Contact: Ronald Clark IR@eventbrite.com
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