The deal will allow Aspire Global to expand into sports betting.
Malta.- Aspire Global has sealed a deal to buy sportsbook technology provider BtoBet for an initial €20m plus a performance-related consideration.
The Malta-based gaming provider will pay €15m in cash on closing of the deal and a further €5m after twelve months.
It will pay a further performance-based consideration after two years. This will be calculated as seven times BtoBet’s earnings before interest and tax minus the amount already paid.
The deal, which is expected to close in the fourth quarter of this year, means that Aspire will enter the sports betting vertical through BtoBet’s Neuron 3 platform.
Aspire chief executive, Tsachi Maimon, said: “This is a perfect match. We are impressed by the qualities of the Neuron Sports platform and in addition we will get access to new growth markets, new potential big deals and new opportunities.
“With the acquisition of BtoBet we have become a true global B2B company which owns and provides an igaming platform, sports betting, casino games and games aggregator as well as managed services for all continents and markets.
“Aspire Global can now compete for any deal, big or small, that exists out there.”
Gibraltar-based BtoBet generated €3.1m in revenue in the first half of 2020, and €1.2m in EBITDA. For the full year 2019, it generated €4.4m in revenue and EBITDA of €1.5m.
It has partnerships with 32 operators in Europe as well as in Africa and Latin America, making it an interesting match with Aspire which is stronger in Europe and North America.
BtoBet founder, Alessandro Fried, said: “I am truly enthusiastic about the opportunities we see by becoming part of Aspire Global, the powerhouse for igaming operators. With our joined forces we will take this new global igaming offering in every corner of the earth.
“We have been in the industry for a long period of time and finally we met the perfect partner that matches our vision and with which we can build a stronger presence globally.”
BtoBet has seen Latin America, and particularly Brazil, as a market that will enjoy major growth. It most recently signed a deal with Toplay in Latin America as it expands services with the delivery app Rappi.
See Focus Gaming News’ interview with Fried from earlier in the year.