Peru-based online movie ticket platform Cinepapaya was acquired by its US counterpart Fandango for an undisclosed sum, providing an exit for Movile.

Cinepapaya, a Peru-based online movie ticket platform backed by internet company Movile, has been acquired by Fandango, another online and mobile movie ticket provider Fandango.

Fandango is a unit of media company NBCUniversal, which holds a majority stake, while entertainment group Warner Brothers holds a minority stake.

Founded in 2012, Cinepapaya sells tickets to moviegoers across Latin America via its online platform and mobile applications. The company also offers theatre owners a range of e-commerce services, such as ticket validation, payment and business software.

Fandango acquired Cinepapaya to expand its reach in Latin America, adding more than 1,200 screens across seven new countries – Mexico, Argentina, Colombia, Peru, Chile, Ecuador and Bolivia.

Movile invested $2m in the company in 2014. Other backers include VC seed fund and accelerator 500 Startups, which contributed an undisclosed sum in 2012.

Fabricio Bloisi, chief executive of Movile, said: “Through the sale to Fandango, Movile has…completed a full investment cycle in Cinepapaya, and we now look forward to working with other great entrepreneurial teams to create and grow additional mobile businesses with global potential.”