Igaming performance marketing firm Raketech has completed the acquisition of QM Media operations and its subsidiary P&P Vegas Group Inc, leaving the firm positioned to focus on growth opportunities in the US market.
The QM Media acquisition, first announced in July this year, includes assets such as Onlinecricketbetting.net, as well as QM Media subsidiary P&P Vegas Group Inc with key asset Picksandparlays.net.
Raketech noted at the time of the deal that the move would strengthen its sports portfolio and US footprint. And with the deal now closed this week, the firm said it has identified several growth and development opportunities for the acquired assets, such as the implementation of Raketech’s technology infrastructure and introduction of affiliate marketing sales in all licensed states in the US.
CEO Oskar Mühlbach stated: “I’m satisfied that we now formally have closed this important acquisition, the largest to date for Raketech, and to be reinforced with a network of sports betting experts and profitable assets with significant growth potential.
“I am also very happy to welcome our new colleagues. Together we will continue to work on our growth strategy – to increase our market share through product diversification, geographical expansion, increased monetization through R&D as well as M&A, with a specific focus on the US.”
The agreed purchase price amounted to $18.8m on a cash and debt free basis, comprising a cash payment of $10.6m and the remaining part in shares with a 24-month lock-up period.