Industry platform and software services provider EveryMatrix has confirmed that it has agreed to sell its B2C brand Jetbull to Swedish igaming group AMGO AB for €2 million.
Jetbull has served as EveryMatrix’s B2C brand since 2010, primarily servicing online sportsbook and casino provisions.
Updating the market, EveryMatrix Founder & Chief Executive Ebbe Groes stated that the transaction was undertaken as a strategic decision, which sees EveryMatrix focus solely on its B2B services.
“Some B2B companies have their own B2C brands competing with their B2B clients. This has always been against our strategy, and with this transaction, we now completely shut down own brands and we can focus exclusively on our role as a software service supplier for casino, sports, payments, and platform.” Groes informs
“To sell our own brand Jetbull to AMGO is an important step for us to continue developing the market’s most competitive online gaming platform and no longer focus on being an operator. AMGO has the right setup for operating multi-brands in different jurisdictions, and we are sure that we will see a huge increase in Jetbull’s reputation as a strong brand in regulated markets.”
The transaction sees EveryMatrix receive €1 million cash for Jetbull, with the technology group further securing €1 million in newly issued AMGO shares ( corresponding to 10,750,000 shares)
In the update, AMGO has agreed to continue utilising EveryMatrix provisions as its lead systems supplier.
Mads Jørgensen, Board member and Director of AMGO, said: “We have enjoyed an excellent working relationship with EveryMatrix, and this agreement will take our partnership to the next level. We are very satisfied with this agreement and have set the strategy and performance targets to generate shareholder value.”
Jetbull will continue to be led by Viorel Stan as CEO – “There is great chemistry between AMGO and the Jetbull organisation and we will do our best to secure a successful transition. This transition will ease Jetbull’s goal of becoming a top player in all regulated markets targeted and continue the consistent YoY growth. EveryMatrix will continue as the main technology provider, and we will make sure that Jetbull is supported with the newest innovations to keep the brand at the forefront of the industry.”