Aspire Global finalised the purchase of BtoBet sportsbook and software provider for EUR 20 million, praising the acquisition as a “key part” of the growth plan of the company and a “major step” in developing an offer that covers the main components of the value chain of the B2B igaming.
The acquisition of BtoBet was initially announced on 17 September 2020, and the deal was completed under the initial conditions following approval by the North Macedonian Authorities.
A total of €15 m of the purchase price was paid in cash at closing, with the remaining €5 m due following a twelve month span. Furthermore, there is an additional consideration based on the performance of BtoBet two years after closing.
The consideration is seven times BtoBet’s EBIT less the purchase price of EUR 20 m in the second year from the closing date. In 2019, BtoBet had revenues of EUR 4.4 million and an EBITDA of EUR 1.5 million, with revenues of EUR 3.1 million and an EBITDA of EUR 1.2 million in the first six months of 2020.
The deal is intended to have a significant positive effect on the EBITDA of Aspire Global as of 2021, but it is not expected to have any impact on the results of the organisation in 2020.
Upon announcing the deal, Aspire Global CEO Tsachi Maimon said: “Aspire Global now enters the sports betting arena with storm strength. With the acquisition of BtoBet we have become a true global B2B company which owns and provides an igaming platform, sports betting, casino games and games aggregator as well as managed services for all continents and markets. Aspire Global can now compete for any deal, big or small, that exists out there.
“This is a perfect match. We are impressed by the qualities of the Neuron Sports platform and in addition we will get access to new growth markets, new potential big deals and new opportunities.”