Raketech completes QM Media acquisition17th September 2021 9:33 am GMT
Stockholm-listed Raketech has completed the acquisition of US-facing sports betting affiliate QM Media and its subsidiary P&P Vegas Group.
Following an initial agreement in July, QM Media assets including Onlinecricketbetting.net and Picksandparlays.net are now operating as an integrated part of Raketech.
Raketech said that it has identified several growth and development opportunities for the acquired assets, including the implementation of its technology infrastructure and introduction of affiliate marketing sales in all licensed states in the US.
The acquisition, together with newly acquired Infinileads, is expected to generate an additional €6m in revenue for Raketech this year.
“I’m satisfied that we now formally have closed this important acquisition, the largest to date for Raketech, and to be reinforced with a network of sports betting experts and profitable assets with significant grow potential,” said Raketech CEO Oskar Mühlbach.
“I am also very happy to welcome our new colleagues, together we will continue to work on our growth strategy - to increase our market share through product diversification, geographical expansion, increased monetization through R&D as well as M&A, with a specific focus on the US.”
Raketech acquired the business for €16m on a cash and debt free basis, settled by way of a cash payment of €9m and shares with a 24-month lock-up period. The purchase price represents a multiple of approximately 5.6x EBITDA and 3.8x revenues for the last twelve months.
Shares in Raketech Group Holding plc (STO:RAKE) were trading 0.74 per cent higher at SEK20.50 per share in Stockholm Friday morning.