Business

Software Company SeatGeek Boosts NBA Ticketing Partnerships With Brooklyn Nets Deal

Elsa | Getty Images
  • BSE Global, which operates the Brooklyn Nets, will leverage SeatGeek's technology for ticket sales starting in October.
  • Founded in 2009, SeatGeek is a service as a software company that raised over $290 million and is now valued at $571 million, according to financial data company PitchBook. 

The Brooklyn Nets will partner with SeatGeek to sell tickets, the parties announced Wednesday.

SeatGeek is a mobile ticketing company that allows consumers to buy and resell tickets on its platform. It also compares ticket prices with its Deal Score technology, makes revenue on transaction fees, and can earn a percentage of rightsholder ticket prices.

Founded in 2009, SeatGeek is a software as a service company that raised over $290 million and is now valued at approximately $571 million, according to financial data company PitchBook. 

SeatGeek's deal with BSE Global, which operates the Nets and Women's National Basketball Association's Liberty franchise, starts in October and provides a brand presence. The company will take over naming rights for the plaza location outside the Barclays Center – located under the arena's Oculus display. It will now be called "SeatGeek Plaza."

Specific details of the agreement were not made available but BSE Global will leverage SeatGeek technology for its ticket sales.

In a statement, BSE Global CEO John Abbamondi said the companies have a "similar DNA"  to their approach to live-event ticketing strategies. Sports organizations are adapting to a new environment due to the pandemic, and more leagues and teams are converting to digital-only purchases.

"We see great potential in leveraging SeatGeek's latest technological developments and collaborating with them on ways to enhance the fan experience at Barclays Center," Abbamondi added.

Russell D'Souza, co-founder of SeatGeek
Adam Jeffery | CNBC
Russell D'Souza, co-founder of SeatGeek

SeatGeek continues to build its rightsholder portfolio in the sports ticketing space.

The Nets agreement is the company's third NBA partnership, joining the Cleveland Cavaliers and New Orleans Pelicans. National Football League deals include the Saints, Dallas Cowboys, and Arizona Cardinals. And overseas, SeatGeek said it's the "majority ticketer" for the English Premier League.

"Barclays Center is one of the premier venues in the world," said SeatGeek co-founder and CEO Jack Groetzinger, "so this is a monumental deal for us as we work together to modernize the experience of going to an event."

Events at the Barclays continue this summer after the Nets were eliminated from the NBA postseason last month. Currently sitting sixth in the WNBA, the Liberty has six home games remaining and will host its next contest on Aug. 18 against the top-seeded Seattle Storm.

Copyright CNBCs - CNBC
Contact Us