Better Collective raises €150m through share placement
The affiliate group Better Collective has broadened its cash options after an oversubscribed bookbuild.
Sweden.- The Stockholm-listed affiliate group Better Collective has raised a SEK1.5bn (€150m) in working capital after completing a direct issue of 6.9 million shares among corporate investors priced at SEK218 (€21) each.
The direct share placement was announced following Better Collective’s deal to buy Action Network Inc for $240m in order to expand into the US. This year, the group also bought Swedish online sports betting media platform Rekatochklart.com for €3.8m.
Better Collective said the share placement had been heavily oversubscribed owing to high demand among participating institutions and professional investors.
Better Collective said the bookbuild would improve cash flexibility for all business units. It will expand its corporate shareholding from 46 million to 53 millon, with total share capital tracking at €540m.
Company CEO Jesper Søgaard said: “I am pleased to see the high level of support of our company from both existing as well as new shareholders.
“We are very excited about the transaction and the market’s receptiveness of the acquisition of Action Network, which underpins our strategy to capitalise on the unprecedented market opportunity in the US within sports betting affiliation.
“With the proceeds from this transaction, we maintain a flexible capital structure in order to be able to act on future strategic opportunities.”
Better Collective sees revenue rise 77% after Atemi acquisition
Affiliate group Better Collective has reported a 77 per cent increase in revenue for Q1 following its acquisition of Atemi.
Publishing brought in €23.8m, up by over 20 per cent, but paid media generated €14.9m, up 823.9 per cent thanks to Better Collective’s acquisition of pay-per-click business Atemi in October.
Revenue share totalled €17.2m, up 22 per cent year-on-year, while cost per acquisition revenue shot up 376.5 per cent to €16.7m. Subscription revenue came in at €1.7m and affiliate revenue at €3m.
Costs rose, however, with direct costs related to revenue up 454.9 per cent to €15.1m and staff costs up 15 per cent to €7.7m. EBITDA was up 47.9 per cent at €12.7m and total profit was up 77 per cent to €8.3m.
Better Collective CEO Jesper Søgaard said: “2021 got off to a strong start with significant growth throughout the business areas and key performance indicators.
“The acquisition of Action Network after the closing of the quarter marks our largest acquisition to date, making Better Collective a solid market leader in the US, positioned to fully capitalise on growth in the fast-growing US betting market.”
