Acroud gives an update on US Strategy and withdraw from previously announced Letter of Intent

Acroud continues on the track with focus on the US market evaluating different growth initiatives to find the right balance between organic growth, partnerships with Media Houses and executing possible strategic acquisitions. As part of the evaluation Acroud has decided to withdraw from the process of a potential acquisition where a Letter of Intent (“LOI”) was announced 3rd of November 2020. The rationale behind the withdrawal is a combination of higher transaction risk than anticipated and increased momentum for our current assets.

As a part of the previously completed and announced acquisition of the assets in RIAE Media on the 17th of November “Acroud completes acquisition within Sports Betting” assets were acquired which have, over the last months, gained momentum on the US Sports Betting market. Hence, our main focus will currently be to keep the momentum and develop our current assets, which will generate organic growth over time. However, with that said we will continue to evaluate potential acquisitions on the US market.  

We are also seeing increased traffic driven by the Poker vertical while we have recently been awarded licenses in large states such as Michigan and Pennsylvania. Currently Acroud can operate in the following states;

New Jersey
Pennsylvania
Michigan
Colorado
West Virginia
Nevada
Delaware
Iowa
Indiana

We also expect to be able to operate within short time in below states;

Illinois
Tennessee
Virginia

Robert Andersson, President and CEO, comments;

”We continuously evaluate our strategy and make decisions based on what will create most shareholder value. We see that with the structure, team and assets we have built over the past 12 months together with other strategic initiatives we have a strong opportunity to grow organically over time in the US. This is our main focus currently”

Responsible parties

This information constitutes inside information that Acroud AB (publ) is required to disclose under the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons below, at the time specified by Acroud AB’s (publ) news distributor Cision for publication of this press release. The persons below may also be contacted for further information.

For further information, please contact:

Robert Andersson, President and CEO
+356 9999 8017

Gustav Vadenbring, CFO
+356 9967 6001

About ACROUD AB
ACROUD owns, operates and develops high-quality comparison sites, mainly in iGaming affiliation, for the purpose of helping our partners by channelling high-quality users to the Company’s customers – primarily iGaming operators. Through the sites, ACROUD generates high-quality users, primarily to global iGaming operators. The Company, which was founded in 2003, has just over 70 employees and is headquartered in Malta. The share (ACROUD) is listed on Nasdaq First North Growth Market. Certified Adviser: FNCA Sweden AB, info@fnca.se, +46 8 528 00 399

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