Time Out Group, the global multi-platform media and e-commerce business that operates food and cultural markets, has announced it has acquired the London-based YPlan a “mobile-first” events discovery and booking platform.
The company, which will open its first Market in the UK next year in Shoreditch, said that YPlan offers a mix of event tickets on its app and website allowing people to discover and book things to do in the city.
The company said: “Combined with Time Out’s high-quality 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 – faster, easier and better than ever before. “The technology will further enable the company to manage transactions between consumers and businesses in-house, improving the user experience. The acquisition also brings a talented product development and technology team, with the specific know-how to drive bookings and optimise the conversion rate of Time Out’s audience.”
Since its foundation in 2012, YPlan has invested heavily in the development of its 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, chief executive of Time Out Group, said: “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. We look forward to welcoming the highly skilled YPlan employees to the Time Out team. Together we will be stronger than ever to bring our customers the capabilities to make the most of the city and to make Time Out an even better place to discover, book and share
