MTS subsidiary acquiring 85% of Ticketscloud

MOSCOW. Sept 4 (Interfax) - A subsidiary of leading Russian mobile provider Mobile TeleSystems (MTS) , MTS Entertainment has agreed to buy 85% of Ticketscloud LLC, the developer of the eponymous ticket platform for even organizers.

The binding documents for the transaction have already been signed, MTS said in a press release. The financial details of the deal have not been disclosed.

MTS's press service told Interfax that the company has an option to increase its stake in Ticketscloud to 100% within two years.

Ticketscloud provides products that cover the whole range of event organizers' needs, including tools for analytics and setting up sales, automatic document flow download, cloud cash register, an app for spectators with ticket protection, ticket scanning and event access management app and a platform for finding contractors.

MTS expects the acquisition to strengthen its position and grow its share of sales on the ticket sales market.

"The company will operate as a separate business, connecting event organizers with MTS ticket storefronts and offering them the ecosystem's marketing potential," the release said.

The Ticketscloud team and founders Yegor Yegerev and Katerina Kirillova will remain with the company.

Ticketscloud LLC was registered in 2018, the SPARK-Interfax system showed. As of August 31, 85% of the company was owned by British Virgin Islands-based Ticketscloud Ltd, and 15% was owned by Ticketscloud LLC CEO Yegor Yegerev.

Ticketscloud LLC closed 2022 with a net profit of 79.6 million rubles on revenue of 211.9 million rubles.

MTS Entertainment was established in 2019 to implement projects in the area of urban entertainment. The company manages the ticket sales platforms Ticketland and Ponominalu, as well as its own website with a selection of MTS Live events for which tickets can be purchased.