Music gear marketplace Reverb has been acquired by e-commerce company Etsy to the tune of $275 million USD.
Reverb, which sells new and used musical instruments and equipment, said when the deal closes in the coming months, it will continue to operate as a standalone business, "but with the added support of Etsy."
Reverb CEO and founder David Kalt explained in a press release that he has always admired Etsy for "their unwavering support of creative businesses and entrepreneurs, their values-driven approach to business, and their dedication to keeping commerce human."
He also revealed that once the deal is finalized, he will be stepping back and passing on the CEO title.
In the past few years, Reverb has become a go-to marketplace for prominent musician auctions. The likes of Frightened Rabbit, Blink-182 and Green Day have all used Reverb to make gear available to fans, with proceeds often donated to charity.
Reverb, which sells new and used musical instruments and equipment, said when the deal closes in the coming months, it will continue to operate as a standalone business, "but with the added support of Etsy."
Reverb CEO and founder David Kalt explained in a press release that he has always admired Etsy for "their unwavering support of creative businesses and entrepreneurs, their values-driven approach to business, and their dedication to keeping commerce human."
He also revealed that once the deal is finalized, he will be stepping back and passing on the CEO title.
In the past few years, Reverb has become a go-to marketplace for prominent musician auctions. The likes of Frightened Rabbit, Blink-182 and Green Day have all used Reverb to make gear available to fans, with proceeds often donated to charity.
