Reverb Acquired By Etsy
The online music gear marketplace Reverb has announced it will be acquired by Etsy in a post written by CEO David Kalt. The website, which was founded in 2013, signed an agreement to be purchased for $275 million which will close in the coming months. Kalt says Reverb will remain a standalone business with the added benefits of Etsy’s infrastructure.
“With Etsy as our parent company, we’ll remain the marketplace built for the music community by a team of musicians and music lovers,” Kalt writes. “Your ability to buy, sell, learn, and connect on Reverb will not change. At the same time, we’ll have added resources to continue growing and improving the Reverb community. Think of it like going to see your all-time favorite band and getting a surprise sit-in from another musician you admire.”
Etsy was founded in 2005 as a marketplace for makers and artists to sell their products. Kalt says the platform gave him confidence when he saw the need for a musician’s marketplace. Reverb While he says Reverb will continue on as it has been, he will be stepping down as CEO after the transition.
“Like a beloved instrument, Reverb has meant more to me than I can put into words, but it has always been destined for a new leader if and when the time was right. Today, the Reverb community, platform, and team are truly the best they’ve ever been—this morning’s announcement is a testament to that,” he wrote. “That’s why after the acquisition closes, I’ll eventually hand over the CEO role to a new leader. 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.) I’m looking forward to watching this community continue to grow, while also spending more time with family.”