Tsachi Maimon, CEO of Aspire Global, has hailed ‘key progress’ in the US and Brazil as ‘important steps’ in reaching the supplier’s goal of becoming world leading in B2B.
“With the sale of the B2C segment, Aspire Global will become a clearly focused B2B company and even stronger and more profitable. The sale will also give us additional resources to further develop and enhance our B2B offering as well as the opportunity to explore new M&A activities.
“In Q3 2021, we have made key progress towards our objective of establishing strong positions in the US and Brazil. Our success in these markets will be important steps in reaching our goal to become a world leading B2B iGaming supplier,” said Tsachi.
“The sale of the B2C segment – expected to take place at the end of November 2021 – will have a significant positive impact on Aspire Global’s position as a focused B2B company and profitability.”
Excluding the B2C segment, revenues increased by 36.1 per cent to €118.9m and EBITDA increased by 54.1 per cent to €22.7m in the first nine months of 2021 with an EBITDA margin of 19.1 per cent. B2B organic growth in the nine-month period amounted to 27.1 per cent.
Aspire initiated the review of its B2C segment in March this year, and on October 1 announced an agreement with US-based Esports Technologies to acquire the B2C segment. The consideration sums up to about €65m, consisting of €50m in cash, €10m in a promissory note and €5m in common stock.
The transaction also includes a four-year platform and managed services agreement with an estimated gross value of €70m, based on present volumes. The transaction is expected to close by November 30 pending Esports Technologies receipt of financing, and other closing requirements.