Veritix and AEG’s AXS ticketing operation have agreed to merge operations in a major, industry-shaping transaction. The deal, announced this morning at the Veritix Sports Facilities & Franchises Conference in Santa Clara, creates a combined entity with more than $2B in annual sales and official relationships with more than a dozen NBA, NHL and MLS teams, the Lions, and a wide variety of other entities. Beyond ticketing, the deal involves a wide range of other functions, including live event discovery and data services. It also leverages AEG’s significant resources in live-event production. Financial terms for the merger were not disclosed, but the combined entity will be co-owned by Cavaliers Owner Dan Gilbert, who also owns Veritix, along with AEG and AXS partner Cirque du Soleil. Bryan Perez, previously President & CEO of the four-year-old AXS, will serve in the same role for the newly merged outfit. Veritix CEO Sam Gerace will serve in a senior role as an “accelerator” for the company. “This is about way more than ticketing, which is partly why we announced this today, and not yesterday at the Ticketing Symposium,” Perez said. “This is about connecting together all the facets of the live event life cycle. All the pieces of the puzzle, all the things we’re talking about as an industry, come together in a meaningful whole.” A new brand name for the combined company is currently being developed and is expected before the end of the year. The company's respective headquarters in L.A. and Cleveland will both be retained, and a customer service center located in Dallas will be enlarged as a result of the merger. Discussions for the merger began at last year’s Veritix Sports Facilities & Franchises Conference in Pittsburgh, and the deal was formally signed earlier today.
