Music gear marketplace Reverb is being bought by Etsy

The music gear site has more than 10 million monthly users, and it will continue as a separate site, maintaining its original URL.

According to Resident Advisor, Etsy will acquire Reverb for $275million.

Etsy CEO Josh Silverman said, "Vibrant two-sided marketplaces are lightning in a bottle—there are only a handful of them operating at scale—and Reverb is one. This transaction is a great strategic fit that firmly aligns with our mission of keeping commerce human. Reverb is the Etsy of musical instruments, with significant competitive advantages, and we see tremendous value and untapped potential in the business."

David Kalt, who founded Reverb in 2010, will continue as CEO through the merger until Etsy appoints someone new. Kalt said, "With Etsy as our parent company, we’ll remain the marketplace built for the music community by a team of musicians and music lovers. Your ability to buy, sell, learn, and connect on Reverb will not change. At the same time, we'll have added resources to continue growing and improving the Reverb community. Think of it like going to see your all-time favorite band and getting a surprise sit-in from another musician you admire."