GAMING VC IN LATIN AMERICAN ACQUISITION
3 July 2009
Betboo.com has a new owner
AIM-listed Gaming VC Holdings S.A. has announced the
acquisition of the business and assets of betboo.com, an
online gambling site formerly owned by Intera NV, for an
initial consideration of US$4 million in cash plus a
three-year earn out.
Betboo was established in
2005 to provide Bingo, Sportsbook, Casino and Poker
access to South American customers. Parent group Intera
was incorporated and is regulated under the laws of the
Netherlands Antilles.
Betboo has over 3 000
active monthly customers and, for the 12 months to 30
June 2009, generated unaudited revenues of $4.4 million
achieving break-even at the profit level. The business
has no employees, instead having service contracts with
third party companies supplying Customer Relationship
Management and IT support. The business has its own
software for Bingo and Sportsbook and uses third-party
software for the Poker and Casino networks.
The
senior management team, comprised of the three people
who were also the majority owners of the business, are
to remain with betboo following the acquisition.
The total consideration, which is capped at US$30
million and is payable in cash, will be calculated by
reference to five times the audited profits after tax
for the 12 month period up to the third anniversary of
the acquisition less the initial consideration and any
interim payments. Interim payments will be paid shortly
after the first and second anniversaries of the
acquisition equating to one times audited profits for
the preceding 12 month period.
Commenting on the
acquisition, Kenny Alexander, Chief Executive of Gaming
VC, said: "This acquisition complements our strategy of
continuing to diversify outside of Germany. The Board
believes that South America represents an exciting
market opportunity. With a population of approximately
285 million, many of which are passionate about sports,
and increasing broadband penetration, we are confident
of significantly increasing betboo's presence in this
new territory for Gaming VC."
Online Casino News Courtesy of
Infopowa
More news here.
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