Christopher BarrettWith the moratorium filed by Festicket closed, leaving the company facing administration, it has been reported that assets owned by its Event Genius business are to be acquired by New York-based ticket exchange service Lyte.
Ticketing and cashless service Event Genius, was acquired by Festicket in 2019. It has reportedly informed partners that it has come to an agreement with Lyte, which will acquire some of its assets.
The moratorium, filed on 24 August by Festicket, was intended to provide the company with time to explore rescue and restructuring options. That was brought to an end by monitors at financial advisory group ReSolve, who stated the reason for ending the moratorium was that it was no longer likely to result in the rescue of the company as a going concern. A notice of intention to appoint administrators has been filed.
According to The Ticketing Business, Event Genius has told partners that an agreement has been made with Lyte for the sale of certain assets from the business, including the technology platforms and employee contracts. The transaction is expected to be completed today, 12 September.
The statement said, “In parallel, we are in a process to wind down the existing business, which includes the appointment of an Administrator to determine what monies will be on-hand to pay out unsecured creditors and promoter obligations. You will be hearing more on that process from us soon.
“Going forward, Lyte will take over the operation and continue providing our end-to-end event management technology – while also offering their platform – to all of our partners. In addition, Lyte is preparing a proposal for new agreements with them which include plans to address what, if any, money you are owed by us.”
Lyte was founded in 2013 by CEO Antony Taylor. It provides ticket exchange technology for venues, festivals, artists, and sports and entertainment brands in the U.S, including BottleRock Music Festival, University of Arkansas Athletics and Mumford and Sons.