News & Observer | newsobserver.com | Triangle-based eTix raises $1 million

Published: May 16, 2008 12:30 AM
Modified: May 16, 2008 02:43 AM

Triangle-based eTix raises $1 million

Story Tools

Advertisements
Morrisville-based eTix is expanding locally and raised $1 million to add several sales and marketing positions this year.

Founded in 1999, eTix has grown to about 70 employees worldwide, including 40 locally. It moved its headquarters last year from Raleigh to a larger site in Morrisville. It also has offices in Charleston, S.C.; Dallas; Japan; China and Germany.

The company, whose Web-based software enables online ticket sales, handled the sale last year of more than 30 million tickets for 2,000 cinema, music and theater venues worldwide. The company had revenue of $11 million last year but does not disclose profit.

Southern Capitol Ventures provided the $1 million in venture capital. The Raleigh investment firm specializes in Web-based software, e-commerce and online music. And eTix is at the intersection of those three businesses, said Jason Caplain, a partner with Southern Capitol, the sole institutional investor in the company.

Caplain said the investment is a token amount that symbolizes Southern Capitol's interest in the eTix business model.

"They don't need the capital, they chose to work with us because of our knowledge of the business," Caplain said.

The online ticketing platform allows any eTix customer to sell event tickets through a link on their Web site. When a ticket is purchased, it appears on the buyer's browser window with instructions to print. The purchaser also receives an e-mailed receipt for the transaction.

Online competitors include TicketReturn in Charlotte. But eTix is the largest Web-based software provider for small and medium entertainment venues, based on the number of venues served and the number of tickets processed, Caplain said.

Venues supported by eTix include theaters, arenas, sporting venues, movie theaters, festivals, tours and ski resorts. Local customers include Cat's Cradle and the N.C. State Fair.

"Having Southern Capitol Ventures actively involved with eTix is an important next step as we continue to rapidly grow our business," Travis Janovich, chief executive of eTix, said in a statement. Efforts to reach him Thursday for further comment were unsuccessful.

All rights reserved. This copyrighted material may not be published, broadcast or redistributed in any manner.
No comments have been posted for this story. Log in to be the first to comment.


The News & Observer is pleased to be able to offer its users the opportunity to make comments and hold conversations online. However, the interactive nature of the internet makes it impracticable for our staff to monitor each and every posting.

Since The News & Observer does not control user submitted statements, we cannot promise that readers will not occasionally find offensive or inaccurate comments posted on our website. In addition, we remind anyone interested in making an online comment that responsibility for statements posted lies with the person submitting the comment, not The News and Observer.

If you find a comment offensive, clicking on the exclamation icon will flag the comment for review by the administrators, we are counting on the good judgment of all our readers to help us.

Hosting Partners of
newsobserver.com

Member of the
Real Cities Network

A subsidiary of The McClatchy Company