Online marketing and operating company, B90 Holdings, has entered into an agreement with Performance Media SIA to acquire certain assets, including the domain, business IP and 100 per cent of the operations of Oddsen.nu, a Norwegian sports-bet affiliate site.
B90 has raised £1.24m through a subscription of 8,888,465 new ordinary shares of no par value in the capital of the company with existing and new investors at a price of 14 pence per Ordinary Share. The Issue Price represents a premium of 19 per cent to yesterday’s closing mid-market price per Ordinary Share, being the last practicable business day prior to this announcement, of 11.75 pence.
Commenting on the acquisition, Paul Duffen, B90 Holdings Executive Chairman (pictured), said: “The acquisition of Oddsen continues the transformation of our business. Coupled with the fundraise, which gives a strong indication of the support that our stakeholders have for our growth strategy, our business now has a real operational and financial platform from which to grow. This transaction adds a valuable new domain to our online real estate; increases our affiliate marketing capability; and takes our operations into Norway, which is an attractive, stable and well-established market for sports betting. We believe that the acquisition is an important step into owning proprietary software and taking control over valuable parts of the value chain in our industry. We consider it a strategic acquisition that can be used as a platform to be rolled out in other markets as well.”
Oddsen.nu has been operating for over 20 years in its home market of Norway. Oddsen connects publishers with affiliate programmes that allow them to promote sports book gambling-related offers. Its operations include producing media content covering a wide range of sports news, sport events, analysis and forecasts, which it then publishes on its website Oddsen.nu. Oddsen.nu also offers a major forum, where end users can discuss sports betting related events 24-7 and has generated winning odds tips for its visitor for a number of years, free of charge.
For the financial year ending 31 December 2020, the assets being acquired generated €781,000 of revenue and net profits of €616,000, as set out in the unaudited management accounts of Performance Media SIA as at 31 December 2020. As at 31 December 2020, Oddsen.nu had net assets of €86,000.