Acroud AB (publ) ("Acroud" or "the Company") completes acquisitions within Sports Betting related to the letter of intent ("LOI") which was communicated on October 13, 2020. The acquired business (the Acquisition”) is a fast-growing lead generation company within Sports Betting well positioned for Emerging Markets such as Latin America, Africa and Asia. The acquisition is expected to accelerate the Company's growth in strategic focus areas such as Sports Betting and Emerging Markets.
The Acquisition comprises about ten growth websites which, together with Acroud's current Sports Betting websites, will form the backbone of the Company's Sports Betting vertical. The Acquisition has shown a rapid growth in 2020, which is expected to continue in 2021 and onwards. Based on the acquisition's current earning capacity, approximately EUR 0.9-1.0m is generated in sales and EUR 0.4-0.5m in EBITDA over the past twelve months.
Acroud will pay EUR 1.5m for 51% of the business upon completion and a call option of 49% of the business at the end of 2023 or 2025. The call option is based on financial performance for 12 months in 2023 or 2025 with an EBITDA multiple of 3.5x. The acquisition will be settled in cash from existing reserves (40%) and via own shares (60%). Access of the business will take effect with immediate effect on 17 November 2020.
“This is an important piece of the puzzle in the implementation of Acroud's strategy to become the “Media House of the Future” and a fast-growing global challenger in digital comparison and news services. The completed acquisitions, together with other ongoing acquisitions, are transformative for Acrouds' operations and we are now striving to complete them effectively. The acquired business includes world-class SEO expertise and has a solid “track record” of showing strong growth, which will benefit the growth rate in our entire underlying business ”Robert Andersson, President and CEO, Acroud” says CEO Robert Andersson.
This information is information that Acroud AB (publ) is required to disclose under the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons below, at the time specified by Acroud AB’s (publ) news distributor Cision for publication of this press release. The persons below may also be contacted for further information.
For further information, please contact:
Robert Andersson, President and CEO
+356 9999 8017
Gustav Vadenbring, CFO
+356 9967 6001
|ACROUD AB (publ)|
|Telephone:||+356 2132 3750/1|
About ACROUD AB
ACROUD owns, operates and develops high-quality comparison sites, mainly in iGaming affiliation, for the purpose of helping our partners by channelling high-quality users to the Company’s customers – primarily iGaming operators. Through the sites, ACROUD generates high-quality users, primarily to global iGaming operators. The Company, which was founded in 2003, has just over 70 employees and is headquartered in Malta. The share (ACROUD) is listed on Nasdaq First North Growth Market. Certified Adviser: FNCA Sweden AB, [email protected], +46 8 528 00 399