Malta-based iGaming solutions provider Aspire Global intends to apply for listing on the Nasdaq First North Premier stock exchange in Stockholm in order to support its continued growth and development.
Having strengthened its B2B offering and grown its proprietary customer-facing brands in recent years, Aspire said that the time is now right to accelerate growth.
The initial public offering on Nasdaq First North Premier is expected to strengthen Aspire’s recognition and brand awareness among players, partners and investors, as well as providing access to capital in order to finance its growth strategy.
“I’m very excited about the journey Aspire Global has had during the last few years,” said chief executive Tsachi Maimon. “We see both an increased number of players in our proprietary casinos and a stronger than ever recognition of the Aspire Global brand among partner casinos.
“Choosing Stockholm as the company’s listing venue is an important part of the company's development as there is great gaming expertise here in addition to a host of partners and suppliers. For Aspire, the listing provides an opportunity to attract skilled investors and quickly develop and position the company ahead of future market regulation in a number of EU countries.”
Aspire was founded in 2005 as NeoPoint and was initially focused on the B2C segment before moving into B2B. By 2014, the company had 15 operators and white-label partners, with the online lottery arm of the company, NeoGames, then transferred to a separate entity and spun off. The Aspire Global name was introduced the following year.
Last year Aspire reported revenue from continuing operations of €60.2m and adjusted EBITDA of €11.4m. Approximately 46 per cent of its revenue was generated from regulated or taxed markets. For the first quarter of 2017, revenue is up 5 per cent year-on-year to €15.9m.
Aspire’s network currently consists of 33 partners operating a total of 58 online casino brands, as well as several brands operated by the company, including Karamba and Hopa.
The company's next big move is into the sport betting vertical, with one partner brand and one proprietary product set to go live in the second half of 2017.
“Aspire Global is active in a very dynamic market where we see a lot of growth potential as the market becomes regulated and land-based gaming moves online,” said the company’s newly appointed chairman Carl Klingberg. “For a person who has been working within the industry for many years this development is thrilling, and I believe that Aspire Global’s offering is perfectly positioned with its holistic service for new operators in the gaming market.
“Until now, Aspire Global has grown organically, but we see a large potential to accelerate this growth supported by acquisitions,” Klingberg added. “Our possibility to achieve this growth is further improved by the listing of the company which will contribute to increased transparency and enhances our ability to make large investments in a market which changes and develops rapidly.”
As a cornerstone investor, Swedbank Robur Fonder has committed to acquiring 26 per cent of the shares, equivalent to around 8 per cent of the company's total shares post-IPO.
Two additional Swedish institutions and a group of entrepreneurs from the internet sector have also subscribed for 27 per cent of shares in the offering.
The timing of the offering is dependent on the completion of a number of administrative processes in Malta.