Etsy is set to purchase music gear marketplace Reverb.
Reverb was founded in 2013 by David Kalt, and has grown to become an internationally renowned site with more than 10 million monthly users.
Growing in popularity, the vintage and design site Etsy has swooped to purchase the company.
The deal is worth $275 million, with Reverb remaining as a standalone site as its current web address.
Etsy CEO Josh Silverman comments in a statement: "Vibrant two-sided marketplaces are lightning in a bottle—there are only a handful of them operating at scale—and Reverb is one. This transaction is a great strategic fit that firmly aligns with our mission of keeping commerce human. Reverb is the Etsy of musical instruments, with significant competitive advantages, and we see tremendous value and untapped potential in the business."
David Kalt will stay on as CEO through the merger, before being succeeded by someone appointed by Etsy's board. Reverb founder Kalt said in a statement:
"With Etsy as our parent company, we’ll remain the marketplace built for the music community by a team of musicians and music lovers. Your ability to buy, sell, learn, and connect on Reverb will not change. At the same time, we'll have added resources to continue growing and improving the Reverb community. Think of it like going to see your all-time favorite band and getting a surprise sit-in from another musician you admire."
Find out more about Reverb HERE.
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