Catena Media has strengthened its position as an iGaming affiliate in the regulated New Jersey market, via the acquisition of BonusSeeker.com and related assets.
Enhancing its position within the USA, the initial purchase price, payable in conjunction with the transfer of assets, amounts to an upfront payment of $6.5m.
Of that figure, $1m will be paid “with newly issued shares at prevailing market rate in Catena Media,” with the remaining amount due to be paid in cash.
As well as this, there’s also an earn-out of a maximum $9.5m, which is set to be based upon revenue performance over a period of two years.
Henrik Persson Ekdahl, Acting CEO of Catena Media, said: ”Through the acquisition of these assets we confirm our position as the number one player in iGaming lead generation in the US. This is completely in line with our growth strategy and is a big step in furthering our lead to our European & American competitors. Furthermore it is a strong signal to the industry that we are picking up pace in the US market.”
In its statement, Catena Media states that BonusSeeker is on a strong growth trajectory, providing users “with unbiased comprehensive reviews of all the legal casino operators in New Jersey.”
In addition it was stated that the acquired assets generate sales of approximately $450,000 per quarter, with an operating margin of around 70%.
The asset and set to be consolidated in Catena Media during April of this year.