Kambi Group Plc announced Tuesday afternoon, that it has struck an agreement to buy Abios, a live esports data and markets odds specialist, for SEK 270 million (€26 million).
Kambi has completed its largest corporate purchase to date, providing the Stockholm-listed technology group with a new platform to extend its esports offerings inside the fastest expanding business category in global betting.
Kambi will pay an initial cash payout of SEK 150 million (€14.5 million), with a further SEK 120 million in earnout incentives (€11.8 million) put aside for product development and future performance of Abios assets.
Kambi has previously worked with Abios, integrating its live esports APIs and market widgets for Kindred Group and LeoVegas Sports sportsbook clients.
Taking the next step
Kambi CEO Kristian Nylén said: “The esports category has long been under careful consideration by Kambi and we now feel it’s the opportune moment to take the next step and build out our capability in what is a vertical of great global potential.
“In Abios, we gain the esports DNA we keenly sought, and which complements the heritage and experience we already possess in sports betting.”
Abios estimated corporate revenues of SEK 18 million (€2 million) in 2020, generated by its main esports data, odds, and visualisation services.
Oskar Fröberg (CEO) and Anton Janér (CTO) from Abios will remain with the company, leading Kambi’s specialised esports unit, which employs 40 people in Stockholm and Manila.
Oskar Fröberg, Abios CEO added: “Having built a strong relationship over many years, we believe Kambi to be the optimal partner for Abios. Not only do they trust in our people and capabilities, but we share the same values and long-term vision.
“The opportunity in esports is compelling as ever and we look forward to exchanging knowledge with Kambi and adding their experience and muscle power to our entrepreneurial nature.”
Kambi supported its new venture’s proven technology credentials, with Abios also serving as a primary esports data provider for Microsoft, and to provide the technology firm a stronger footing in the esports wagering market, which is expected to double in size by 2025.