Etsy Acquires Music Gear Site Reverb For $275 Million
Founder and CEO David Kalt will step down when the acquisition closes: "I'm looking forward to watching this community continue to grow, while also spending more time with family."
Music gear-selling site Reverb has signed an agreement to be acquired by Etsy, the global online marketplace for handmade and vintage items, for $275 million.
The deal is expected to close in the coming months, upon which the six-year-old Reverb will remain a standalone business, with added support from Etsy. Reverb founder and CEO David Kalt detailed the news in a blog post, noting that the company has had a “friendly relationship” with Etsy for several years.
“Today’s announcement is a huge win for the musical instrument industry,” Kalt wrote. “Reverb is the success that it is today because of passionate musicians of all levels and genres, music store owners big and small, boutique builders, brands, and more all over the world that visit the site each day for income, inspiration, and the infinite search for a new or better sound. Together with Etsy, we will continue building Reverb into the best place online for anyone to connect over the perfect piece of music gear.”
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Kalt added that he plans to step down from his role when the acquisition closes. “I’ll remain closely involved during the transition and after that, I’ll remain Reverb’s biggest fan (and continue to drool over every ‘60s Strat that goes up for sale),” he continued. “I’m looking forward to watching this community continue to grow, while also spending more time with family.”
In addition to offering a two-way marketplace for musicians to sell and purchase gear, Reverb is known for hosting frequent gear auctions for charity. Last month, Frightened Rabbit hosted a Reverb auction of their gear benefiting Tiny Changes, the mental health charity they launched in honor of late frontman Scott Hutchison. And earlier this summer, Billie Eilish, Kacey Musgraves, Dolly Parton and more donated items to the Girls Rock Reverb Gives Auction, which raised money for 10 nonprofit organizations empowering female, transgender and gender non-conforming youth.
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