Online gaming software supplier EveryMatrix has struck a deal to sell off its customer-facing brand Jetbull to Swedish operator Amgo iGaming in a €2m (£1.8m/$2.2m) deal.
Amgo will gain full ownership of the business from July 1, with work to transfer it under its control already underway. The €2m acquisition cost will be broken into €1m in cash and 10,750,00 newly-issued shares in Amgo, valued at €1m.
Operating on EveryMatrix’s white label platform and offering sports betting and casino games, Jetbull has more than 600,000 registered customers. It will continue to operate under EveryMatrix’s Malta, UK and Danish licences following the acquisition.
”Some B2B companies have their own B2C brands competing with their B2B clients,” EveryMatrix founder and chief executive Ebbe Groes said. “This has always been against our strategy, and with this transaction, we now completely shut down own brands and we can focus exclusively on our role as a software service supplier for casino, sports, payments, and platform.
“To sell our own brand Jetbull to AMGO is an important step for us to continue developing the market’s most competitive online gaming platform and no longer focus on being an operator,” Groes explained. “AMGO has the right setup for operating multi-brands in different jurisdictions, and we are sure that we will see a huge increase in Jetbull’s reputation as a strong brand in regulated markets.”
Amgo has grown through a series of acquisitions completed since October 2018, which has seen it take charge of operators such as 1Click Games, Fibetco Gaming Group and Ekstra Bladet Casino, a brand originally launched by the Danish tabloid newspaper.
Its chief executive, Nicolas Fleiderman, who joined the business in February this year, previously served as EveryMatrix’s commercial director.
“We have worked on this agreement for a long time and know exactly what synergies we can achieve to accelerate the growth and become more efficient,” Fliederman said of the acquisition.
“We have built up a new organisation that will focus on Jetbull and will continue to recruit talented professionals that can improve the performance.”
Jetbull chief executive Viorel Stan added: “There is great chemistry between Amgo and the Jetbull organisation and we will do our best to secure a successful transition.
“This transition will ease Jetbull’s goal of becoming a top player in all regulated markets targeted and continue the consistent YoY growth,” Stan said. “EveryMatrix will continue as the main technology provider, and we will make sure that Jetbull is supported with the newest innovations to keep the brand at the forefront of the industry.”