Better Collective, the high-profile developer of digital platforms for bookmaker information, igaming communities, and betting tips, has today acquired WBS P.C. in Greece and the Malta based KAPA. This marks the twelfth acquisition since Better Collective began executing its M&A strategy in early 2017, and is the second acquisition after its IPO in early June 2018
Founded in 2013, WBS P.C. owns a portfolio of 10+ successful websites that have a predominant focus on sports betting. On a proforma basis, WBS P.C. and KAPA combined are expected to generate revenue of approximately €1 million and €0.75 million in operating earnings (EBITDA) in 2018.
The double acquisition plays a part in Better Collective’s long-term plan of expanding into regulated markets with high growth potential.
As part of the transaction, Better Collective will take over and manage the office in Thessaloniki, Greece. The new Better Collective office in Greece will have close ties with the Copenhagen headquarters to assure that synergies are realised quickly and successfully.
The purchase price has been agreed to €4 million, plus a potential performance based earn-out payment of up to €0.4 million. Of the total acquisition price, €3.2 million was paid at closing and €0.8 million will be payable 6 months thereafter. The performance based payment is dependant on revenue growth in 2018 and 2019.
Jesper Søgaard, CEO of Better Collective, said: “This acquisition is a great next step for our international expansion in regulated markets. The Greek sports betting and gambling market is a very attractive market with one of the highest ratios between gross gaming revenue and GDP in Europe.
“Better Collective acquiring the affiliate market leader in such a market is very much in line with our strategy, and we are confident this will be another successful acquisition. We are looking forward to welcoming our new colleagues in Thessaloniki.”