Time Out acquires events platform YPlan
City and restaurant guides Time Out Group bought events platform YPlan for an initial consideration of GBP 1.6 million.
Time Out Group says the acquisition is in line with its strategy to invest in technology and product as set out when it listed back in June.
Just under two years ago YPlan raised Series B funding of $24 million, bringing the total it raised to about $38 million.
YPlan made a £6.2 million pre-tax loss in 2015 (its first full financial year) which is attributed to its investment in technology.
The terms of the acquisition are cash-free with Time Out paying in Ordinary Shares. Further shares with a value of £0.8 million is payable 12 months after completion.
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