Time Out Group plc has acquired Leanworks Limited (YPlan). London-based YPlan is the “mobile-first” events discovery and booking platform. It offers a mix of event tickets on its app and website allowing people to discover and book things to do in the city. Combined with Time Out’s curated content, this addition will enable the Company’s monthly global audience of 137 million to discover, book and share what the world’s cities have to offer.
Since its foundation in 2012, YPlan has invested heavily in the development of an award-winning e-commerce platform and associated software for the events industry as well as in customer acquisition marketing. As a result, in the year to 31 December 2015, being its last full financial year, YPlan generated a pre-tax loss of £6.2m. Subsequent reductions in its cost base have materially reduced losses in the current year. Consequently, the transaction is expected to be mildly dilutive to Time Out’s earnings in the current financial year and broadly neutral in 2017.
Julio Bruno, CEO of Time Out Group plc, commented: “Developing e-commerce and monetising our audience is an important element of our ambitious growth strategy. We acquired YPlan because its advanced technology will significantly accelerate this strategy. It will enable us to offer our large audience more online booking opportunities, whilst improving the user experience.”
The consideration will be payable in Time Out ordinary shares. 1,166,644 shares will be issued and payable on completion with a value of £1.6 million based on a share price of £1.393. A deferred issue of ordinary shares with a value of up to £0.8 million is also payable 12 months after completion subject to no warranty claims being made.
- Time Out Group acquires Time Out Chicago Posted on April 8, 2013
- Oakley Capital acquires a controlling interest in Time Out New York Posted on May 31, 2011
- Tony Elliott sells 50% of time Out to Oakley Capital Posted on November 25, 2010