Verve, the word-of-mouth selling platform, has acquired Campus Vacations, a provider of “unforgettable” travel experiences to students across North America.
The thinking behind the acquisition is to increase Verve’s market share and competitive positioning in the North America and Canada markets. Specifically, Verse says it will provide the company with an entrance into the ski market, including key destinations like Punta Cana and Cancun.
Refreshingly, Verve is also disclosing the purchase price of Campus Vacations: $7 million in aggregate, consisting of a combination of cash, shares and “incentives” over time (presumably based on certain milestones and earn-outs being met).
It follows the acquisition of U.S.-based student travel company JusCollege for $25 million in April, as Verve continues to expand beyond its original focus on live music and sporting events, and into travel.
Members of the Campus Vacations team, including co-founder Justin Van Camp, are joining Verve as part of the acquisition. The other co-founders, Alex Handa and Eugene Winer, are to act as Verve advisors. With the assimilation of the Campus Vacations team, Verve now has over 200 employees globally.
Formerly known as StreetTeam, Verve is a platform that enables people to sell experiences to their friends in exchange for rewards, such as event tickets, trips and backstage passes. It counts more than 25,000 active ambassadors and claims to be the global market leader in word-of-mouth sales for live entertainment and travel experiences.
The company works with over 500 music, travel, hotel and sports brands across North America and Europe. Verve also has global partnerships with ticketing companies including Ticketmaster, Eventbrite, Paylogic and Front Gate Tickets.
“Following the success of acquiring the collegiate travel company JusCollege, and the resulting organic growth, we are continuing our aggressive expansion,” say Verve founders Callum and Liam Negus-Fancey in a joint statement.
“Campus Vacations gives us access to incredible destinations, increases our East Coast presence, delivers us a beachhead into ski, and brings us an incredible team. Not only have they built a fast-growing company that sells high-quality student travel packages, but like us, they understand the unique power and opportunity of harnessing the power of enthusiasts to elevate experiences for them and their friends”.
Published at Mon, 10 Dec 2018 14:13:40 +0000