XL Media acquires ExciteAd for US$19 million

London AIM listed igaming marketing network XL Media has continued its acquisition spree, with the announcement of the purchase of ExciteAd Digital Marketing for a reported $19 million (£11.5 million)

XL Media who floated on the London AIM in March, will add ExciteAd services to its digital marketing inventory. ExciteAd operate as a specialist in social gaming marketing, serving high targeted volume advertising to multiple social gaming operators.

ExciteAd posted pretax profit, excluding share based payments, of USD3.0 million in the year to end-June, with total advertising revenues of USD12.8 million. The company was established in 2010 and is based in Israel.

XLMedia will pay USD12 million in cash immediately, with two additional payments of up to USD7 million based on ExciteAd’s earnings before interest, tax, depreciation and amortisation in the first and second years after July 1.

XL Media CEO Ory Weihs commented on the purchase of ExciteAd.

“EDM represents a highly complementary fit for our business, is immediately earnings enhancing, strengthens our reach in the US, delivers diversification into social gaming and extends our currently gambling expertise and customer base,”