ED Magedson – Founder
Ticket Evolution301 W. Parker Rd. Suite 208 Plano, Texas USA
Ticket Evolution, Cheaptickets, Uberseat, Band of the Day, 955Dreams Ticket Evolution's Broken Promises Jersey City New Jersey
Ticket Evolution, headquartered in Jersey City, NJ and Plano, Texas seemed to begin with a lot of promise. "Promise" - a word some have said Ticket Evolution has "used and abused."
During the first two years in business this start-up, a software company also known for offering banking services known as "EvoPay accounts" in conjunction with its broker exchange, appeared to exemplify the meaning of enthusiasm and determination. Interested ticket brokers invested in the fledgling company to give it a chance at success against competitors such as StubHub and Ticket Network. SEC filings in Ticket Evolution's name could not be found confirming the initial round of investments.
Unfortunately, despite all the enthusiasm and hype Ticket Evolution seemed to have hobbled itself by entrusting its technology development to an outsourced unreliable software development firm championed by Drew Gainor, then VP of Technology, as well as a Co-Founder of Ticket Evolution along with fellow CO-Founders Ram Silverman and Stephen Parry.
Now nearly three years behind schedule, over budget, and no longer 100% broker-owned - a promise made to initial investing brokers - Ticket Evolution has since been forced to seek outside investment closing a $3.5 million round of venture funding from Raptor Ventures and Boston-based Dace Ventures. Ticket Evolution simultaneously entered into a wide ranging business development agreement with Raptor Accelerator – a subsidiary of Raptor Group, specializing in growth and expansion strategies for their clients. Part of the agreement with Raptor included a restructuring of Ticket Evolution leadership. This meant replacing Ram Silverman as the existing president. The job of president was offered and turned-down by numerous candidates until Greg Doran accepted the position according to a former member of Ticket Evolution's board.
A virtual outsider to the industry with no apparent background in software or banking, Doran took the reigns as president and began his attempt to turn things around for the hemorrhaging company. Drew Gainor, having now been assigned to other duties, left the technology department with an opportunity to find "a promising path." As one investing broker noted, "Broken promises still seem to be the only dividend being paid to Ticket Evolution shareholders" as triumph continues to elude those with an interest in this company's success.
This report was posted on Ripoff Report on 09/06/2013 08:44 PM and is a permanent record located here: http://www.ripoffreport.com/reports/ticket-evolution/plano-texas-75023/ticket-evolution-cheaptickets-uberseat-band-of-the-day-955dreams-ticket-evolutions-b-1082440. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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