The London-based software development company EveryMatrix has confirmed that it is selling its business-to-customer brand Jetbull to the iGaming company AMGO for €2 million. EveryMatrix had employees based throughout the world, including in the likes of Mexico, China and the Philippines, and is best known for its sportsbook solutions and EU compliant gaming management system.
Jetbull is EveryMatrix’s only customer facing brand, offering a casino and sportsbook platform on which people would place bets and play the various games offered. It had more than six hundred thousand registered users, having grown considerably over the past couple of years. It has never been considered to be one of the industry’s best sites, however, so EveryMatrix might well feel that selling it now is their best way of ensuring a decent amount of money can be earned from it.
Who Are AMGO iGaming?
The most obvious question for many will be ‘who are AMGO’, given that the iGaming company isn’t all that well-known to non-industry insiders. The Swedish online gaming company hasn’t been around for that long, relatively speaking, but has experience of investing in casino, lottery and sportsbook products that it can then develop and grow. In that sense, the purchase of Jetbull makes complete sense.
AMGO own five different gaming brands, which allows the company to serve more than half a million customers thanks to its unique gaming experience. Whilst based in Sweden, AMGO also has offices in Israel, Malta, Denmark and Latvia, meaning that it should have any problem with marketing Jetbull towards a UK audience once the country has officially left the European Union. The company’s focus moving forward is on combining an excellent customer experience with profitability, which it hopes that the acquisition of Jetbull will allow it to do.
Why The Decision To Sell
The next question many will ask at the release of the news is why, exactly, EveryMatrix have decided to sell Jetbull now. After all, it was launched in 2007 and was one of the company’s first online casinos, allowing EveryMatrix to show off their odds, gaming and casino engines to prospective customers. The founder and CEO of the company, Ebbe Groes, made the point that EveryMatrix had no desire to keep hold of a B2C brand that would be in direct competition with their B2B brands, which used EveryMatrix’s software solutions to launch casinos and sportsbooks of their own at the same sort of audiences.
Groes said that the sale would allow EveryMatrix to ‘no longer focus on being an operator’ and instead concentrate on their role as a ‘software service supplier’ for the various companies that used their casino, payment and sportsbook services. He was also quick to point out that the sale would allow EveryMatrix to continue to develop what he referred to as the online betting market’s ‘most competitive online gaming platform’. He said that the company was confident in selling to AMGO because it would result in a ‘huge increase’ in Jetbull’s reputation as a brand within the world of ever-more regulated markets.
Why AMGO Want To Buy
The decision for EveryMatrix to sell makes sense in the context of the company being able to get rid of its business-to-customer brand in return for a more concentrated focus on its business-to-business dealings, but what to AMGO feel that they’re getting from the transaction? Mads Jørgensen, one of the board members and a director of AMGO, said that the hope was that they would be able to generate shareholder value with the purchase, as well as strengthen the partnership between AMGO and EveryMatrix moving forward. Indeed, the Chief Executive Officer of AMGO, Nicolas Fleiderman, was once the Commercial Director for EveryMatrix.
That shows the strength of the tie between the two companies, with Fleiderman saying that AMGO had been working on making the deal happen for some time. He revealed that his new company had intentionally built a new organisation that will be specifically focussed on Jetbull, recruiting the most talented professionals in the market that will help them ‘improve the performance’ of Jetbull to accelerate the website’s growth. The hope is that Jetbull can ‘become more efficient’ and grow its already decent customer base moving forward.
Jetbull Confident Of Progress
Given the close relationship between EveryMatrix and AMGO, it’s no major surprise that both parties are confident that this will prove to be a wise move for all concerned. The Chief Executive Officer of Jetbull, Viorel Stan, was inclined to agree with his colleagues, sating, “There is great chemistry between AMGO and the Jetbull organisation and we will do our best to secure a successful transition”. He also pointed out that Jetbull continues to want to become a ‘top player’ in all of the regulated markets that are out there, ensuring the company’s year-on-year growth.
The key thing for customers of Jetbull is that they will notice very little change in the immediate term, with EveryMatrix continuing to supply the technology that powers the Jetbull platform. In fact, the likelihood is that customers will benefit from the move in the short-term, thanks to the fact that AMGO are almost certainly going to want to retain Jetbull’s current customer base whilst also bringing in new customers where possible. Don’t be surprised if you see plenty of offers for both new and existing customers once AMGO officially takes over Jetbull on the first of July 2019. The deal will see AMGO pay €1 million in cash and the other €1 million paid in AMGO iGaming AB shares. This will be at SEK 1.0, equalling 10,750,000 shares.
