Raketech sharpens its focus within iGaming by divesting its consumer finance assets
Raketech, the iGaming performance marketing partner, today announced that the company has divested its consumer finance assets to ROI Media UK, for a total consideration of EUR 4.2m. The divestment is in line with Raketech’s strategy of being the preferred performance marketing partner within iGaming.
The total consideration of EUR 4.2m represents a multiple of approximately 4.3x EBITDA and 3.5x revenue, based on last twelve months, with an upfront payment of EUR 3.4m and a deferred consideration of EUR 0.8m paid in three instalments over the upcoming 18 months. There are no performance-based criteria that needs to be fulfilled in order for Raketech to receive the deferred instalments.
Oskar Mühlbach, CEO of Raketech said: “The divestment of the consumer finance assets is an important and natural step for us to ensure sharp focus on iGaming. Furthermore it gives us additional ammunition for growth through MnA– where we see high potential – on strategic markets such as the US. In only a few years we have managed to grow our Finance assets into one of the key portfolios within its niche, on the Scandinavian market, but I am confident that ROI - with its dedication to the Financial affiliation market - is the right partner to take the assets to the next level.”, said Oskar Mühlbach.
The consumer finance assets were acquired by Raketech in February 2017 for a total consideration of EUR 3.6m. Following the divestment, Raketech has more than doubled the value of its initial investment, including cash contribution from operations. The settlement date for the divestment is 6 November 2020.