Reverb founder and CEO David Kalt will step down once the deal is complete.
Music gear-selling site Reverb has signed an agreement to be acquired by Etsy, the global online marketplace for handmade and vintage items, for $275 million.
The deal is expected to close in the coming months, upon which the six-year-old Reverb will remain a standalone business, with added support from Etsy. Reverb founder and CEO David Kalt detailed the news in a blog post, noting that the company has had a "friendly relationship" with Etsy for several years.
“Today’s announcement is a huge win for the musical instrument industry," Kalt wrote. "Reverb is the success that it is today because of passionate musicians of all levels and genres, music store owners big and small, boutique builders, brands, and more all over the world that visit the site each day for income, inspiration, and the infinite search for a new or better sound. Together with Etsy, we will continue building Reverb into the best place online for anyone to connect over the perfect piece of music gear.”