Aspire Global has struck a deal to acquire sportsbook technology provider BtoBet for an initial €20m (£18.3m/$23.6m), allowing the supplier to extend its business into the sports betting vertical.
The deal consists of €15m in cash at the closing of the deal, then a further €5m more twelve months after the deal closes.
Aspire will also pay an additional consideration, based on BtoBet’s performance over the following two years. This consideration will be equal to seven times BtoBet’s earnings before interest and tax at this point, minus the €20m already paid. The deal is expected to close in the fourth quarter of 2020.
Aspire chief executive Tsachi Maimon said the acquisition means his business will be involved in all major areas of online gambling thanks to access to BtoBet’s Neuron 3 sports betting platform.
“This is a perfect match,” he said. “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.
“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.”
During the first six months of 2020, BtoBet generated revenue of €3.1m, while EBITDA came to €1.2m. In 2019, it generated revenue of €4.4m and EBITDA of €1.5m.
The supplier has partnered with 32 operators between Europe, Africa and Latin America, with a particular focus on the latter two regions. Aspire said this made it a perfect fit with Aspire, which has a stronger presence in Europe and North America.
Aspire’s revenue in the first six months of 2019 amounted to €77.4m (£70.1m/$91.6m), up 17.4% from €66.0m in the corresponding period last year.
“I am truly enthusiastic about the opportunities we see by becoming part of Aspire Global, the powerhouse for igaming operators,” BtoBet founder Alessandro Fried said. “With our joined forces we will take this new global igaming offering in every corner of the earth.
“We have been in the industry for a long period of time and finally we met the perfect partner that matches our vision and with which we can build a stronger presence globally.”
Earlier this week, Aspire appointed Antoine Bonello, formerly of William Hill and Flutter Entertainment, as its new chief operating officer and managing director of its Malta business. Bonello will begin in the role on 1 November, replacing Dima Reiderman, who opted to step down as COO for personal reasons