$750,000 will be paid in cash, $2.5m in issuance of Playmaker common shares, and $2.5m in achievable revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) targets. The sellers would be entitled to a bonus earn-out should said targets be exceeded.
Two-Up provides products such as ad widgets, data visualisations and conversion and tracking management for betslips to operators, data providers and media outlets.
Two-Up’s core technology products will be integrated into Playmaker’s proprietary technology stack, Playmaker Bench. 24 technology, sales and engineering employees will also be added to Playmaker’s staff.
Two-Up founder and CEO Robbie Morris said: “Playmaker is a natural fit for Two-Up. We complement the existing strengths within Playmaker well, and, as part of the Playmaker Bench technology suite, we will enhance Playmaker’s monetization efforts across owned and operated properties.
“We’re excited and delighted to become a part of the Playmaker family. This opportunity will allow us to strengthen our core competencies, meaning existing and future clients will continue to benefit from what we set out to deliver in 2016, which is a first-class service.”
Playmaker CEO and founder Jordan Gnat added: “I am pleased to welcome Two-Up into the Playmaker family, and am excited about how Robbie and his team will help bolster Playmaker’s technology offering.
“Two-Up has deep relevance, credibility and unrivalled connections within the online gaming world globally. With this acquisition, we have added yet more value to our shareholders, and taken another step towards achieving our mission of building an ecosystem of assets that will provide sports fans and our clients with outsized value.”