BookMyShow buys majority stake in social media analytics co Eventifier for over $1M
BigTree Entertainment Ltd, the company that owns India's largest online entertainment ticketing portal BookMyShow has acquired a majority stake in Bangalore-based social media analytics startup SpaceBound Web Labs Private Limited, which operates under the brand Eventifier for over $1 million (Rs 6.2 crore).
The deal which values the company at over $2 million, will see the current investors Kae Capital, Accel Partners and The Startup Centre exit the company. Eventifier had earlier raised more than Rs 3 crore in seed and venture capital from investors Kae Capital and Accel Partners.
It is not immediately clear if founders have also some shares in the transaction or only the financial investors have exited.
BookMyShow also counts Accel Partners as one of its existing investors. Last year it had scooped $25 million from SAIF Partners besides Accel Partners and Network18.
Ashish Hemrajani, founder & CEO, BookMyShow, said, Eventifier founders have really pursued in trying to solve the social fragmentation, analytics, marketability and sentimentality using human factors: "We really liked their vision and what they were looking to solve and we felt that we might be able to help along the way in achieving their goals."
Eventifier, which was founded by Jazeel Ferry (CEO), Nazeem Zishan (CTO) and Mohammed Saud (chief designer) in 2012, offers software solutions that are primarily used to consolidate, track & analyse content feed on social media platforms generated during a targeted social media campaign. The startup claims that it currently serves over 1,500 clients, with many blue chip companies like Pearson, UBM Tech, Clinton Foundation and NASA being part of its clientÃ¨le.
Jazeel Ferry, founder & CEO, said: "We shall be operating independently as a company and will continue to cater to customers globally. We have a long vision in coming years along with BookMyShow and by combining forces we believe we can scale Eventifier and cater to a larger audience in coming years."
Eventifier will complement BookMyShow's social needs in the cinema & events space, but over time will integrate as part of BookMyShow's larger strategy for diversified business offerings.
This marks the second acquisition by BookMyShow after its buyout of Chennai-based online ticketing portal Ticket Green in March 2013.