Malta-based iGaming performance marketing partner Raketech has announced the completion of its acquisition of QM Media AB, in a strategic move to target the US market.
First announced in July, the deal sees the company take over assets such as Onlinecricketbetting.net, as well as QM Media subsidiary P&P Vegas Group Inc. with key asset Picksandparlays.net.
The companies have now signed the final agreements, hence, completing the transaction – with QM Media and P&P Vegas Group together with its employees now operating as an integrated part of Raketech.
The company has identified several growth and development opportunities for the acquired assets, such as the implementation of Raketechs technology infrastructure and the introduction of affiliate marketing sales in all licensed states in the US.
As previously announced, as a result of the acquisition along with the move in August 2021 which added Infinileads, Raketech is expected to be added more than €6 million in revenue and increased margins by as much as four per cent on a yearly basis.
Oskar Mühlbach, CEO of Raketech commented: “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.
“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.”
The agreed purchase price amounted to €16 million on a cash and debt-free basis, settled in a cash payment of €9 million and the remaining part in shares with a 24-month lock-up period. There is no earn-out. The purchase price represents a multiple of approximately 5.6 times EBITDA and 3.8 times revenues for the last twelve months.
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