EveryMatrix is to put its sole focus into operating as a software service supplier, after shedding its Jetbull B2C brand for €2m.
Agreeing the deal with Amgo Igaming, which counts five fully owned gaming brands as part of its stable, the deal consists of €1m in cash a further €1m in newly issued shares.
Ebbe Groes, founder and CEO of EveryMatrix, said of the transaction: ”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.
“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.”
Beginning on July 1, 2019, Amgo is to receive the full ownership of Jetbull, with it said that the transition phase to operate and manage the brand has already begun.
Viorel Stan, CEO of Jetbull, commented: “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.”
Operating on the EveryMatrix white label platform, Jetbull is a brand that offers casino and sportsbook and boasts in excess of 600,000 registered customers.
Enjoying “substantial growth over the last 24 months,” the brand is to continue to be operated under EveryMatrix’s Maltese, UK and Danish licenses.
Mads Jørgensen, board member and director of Amgo, added: “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.”