Cambridge-born concert discovery app Timbre has been acquired by Seatwave, the London company that powers the app’s on-the-go ticket-buying capabilities.
Last September, we got word that Mark Kasdorf, founder of the mobile development shop Intrepid Pursuits and CEO of Timbre, was looking to find someone to replace him as the chief executive of the startup. Over six months later, Kasdorf and the Timbre team have decided to sell instead.
Timbre was created by the team at Intrepid Pursuits, a mobile development shop in Kendall Square. The company raised $360,000 from Atlas Venture, Boston Seed Capital, and Bantam Group, led by local angel Joe Caruso, in late 2012.
The deal was a mix of cash and stock, according to BetaBoston. Timbre will still be available to the masses, but the new parent company won’t be keeping the three full-time employees that have been keeping the app up and running for the past few years.
Timbre came close to hiring a West Coast CEO, but ended up signing a term sheet with Seatwave in late December. Atlas Venture investor Fred Destin reportedly made the introduction between Seatwave and Timbre. The deal closed in February.
Timbre rolled out a number of new updates to the app in late August 2013.
Image via Indie Music
