Music equipment marketplace Reverb has been purchased by Etsy for $275 million.
A press release explains that Reverb, which is used to buy and sell new and used gear, will continue to run as a standalone company following the acquisition.
"This transaction is a great strategic fit that firmly aligns with our mission of keeping commerce human,” said Etsy CEO Josh Silverman. “Reverb is the ‘Etsy’ of musical instruments, with significant competitive advantages, and we see tremendous value and untapped potential in the business."
Reverb CEO David Kalt said: "We’re excited to continue growing our marketplace, team, and community as part of Etsy. We’ve always found inspiration in Etsy. In fact, the company gave me the confidence to launch Reverb when I saw the need for a musician’s marketplace in 2013. We’re excited to align ourselves with a marketplace that has been supporting artists, makers, and creative entrepreneurs for nearly 15 years."
Reverb was founded in 2013. Last year, the site launched an app for buying and selling records.
Moby used the site in 2018 to sell off almost 200 rare drum machines for charity.
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