Online advertising enterprise B90 Holdings has entered into an settlement to acquire sure assets, together with the Oddsen.nu Norway-facing sports activities betting affiliate website, from Performance Media SIA.
The complete consideration to be paid is roughly €4.4m (£3.8m/$5.1m), with B90 to pay an preliminary €600,000 and difficulty 19,965,000 new Ordinary Shares. An extra money cost of €1.1m can be made on or earlier than 31 March 2022, although this can be settled by difficulty of latest abnormal shares.
The acquisition contains the area, enterprise IP and 100% of the operations of Oddsen.nu, which has been working for over 20 years in its dwelling market of Norway.
Oddsen.nu connects publishers with affiliate applications that permit them to promote sports activities betting provides, a variety of sports activities information, occasions, evaluation and forecasts. The website additionally operates a discussion board the place customers can focus on sports activities betting.
For the monetary 12 months ending 31 December 2020, the assets being acquired as a part of the settlement generated €781,000 in income and €616,000 in internet revenue.
“The acquisition of Oddsen continues the transformation of our enterprise,” B90 exectuive chairman Paul Duffen stated. “This transaction provides a useful new area to our on-line actual property; will increase our affiliate advertising functionality; and takes our operations into Norway, which is a sexy, secure and well-established marketplace for sports activities betting.
“We imagine that the acquisition is a crucial step into proudly owning proprietary software program and taking management over useful elements of the worth chain in our trade.”
To assist finance the deal, B90 has raised £1.2m, earlier than bills, by a subscription of 8,888,465 new abnormal shares.
Aside from funding the acquisition, proceeds from the subscription can be used to enhance working capital and help the growth of the group’s operations.
“Coupled with the fundraise, which provides a powerful indication of the help that our stakeholders have for our progress technique, our enterprise now has an actual operational and monetary platform from which to develop,” Duffen stated.
“We think about it a strategic acquisition that can be utilized as a platform to be rolled out in different markets as properly.”