Benzinga | Nov 16, 2020 04:28PM EST

Eventbrite Spikes On ToneDen Acquisition News

Eventbrite Inc. (NYSE:EB) shares made gains Monday after the company announced it has acquired ToneDen for an undisclosed amount.

What Happened: ToneDen has been working with Eventbrite creators' social media marketing for nearly three years.

The company first began offering services in the app marketplace, most recently launching Paid Social Ads powered by ToneDen, which allows users to create and manage Facebook and Instagram ad campaigns directly from their Eventbrite account.

Eventbrite is engaged in creating a platform to enable creators to solve many challenges associated with creating live experiences. The company platform helps to plan, promote and produce live events, thereby allowing creators to reduce friction and costs, increase reach and drive ticket sales. Geographically, it generates maximum revenue from the United States.

"Five years ago, ToneDen started with a mission to empower creators with tools to grow and engage with their audiences," says ToneDen CEO Tim Thimmaiah.

"We set out to create a platform that made marketing easy and intuitive so that creators could focus on what they do best: crafting extraordinary experiences for their fans. Working hand in hand with these creators, we built a marketing solution that millions use and love, helping them build lasting and meaningful connections with the people that matter to them."

EB Price Action: Eventbrite shares ended Monday's session up 6.84% at $15. The stock has a 52-week high of $22.90 and a 52-week low of $5.71.