Catena Media secures long term cooperation with SBAT founder Gary Gillis
Catena Media and Gary Gillis have mutually agreed to amend the terms and conditions of their previous agreement to provide the best long term value for both parties. The former earn-out agreement will be replaced by an immediate payment of EUR 3,254,000 where EUR 2,000,000 to be invested in Catena Media shares.
Gary Gillis will be fully employed by Catena Media and will thereby be part of the long-term development of the company. Gary Gillis will have a lock-up period of two years on the shares he commits to purchase according to the new agreement.
Catena Media acquired UK-based SBAT, a social media sports news, betting, and tips website from founder Gary Gillis in October 2016. The purchase price amounted to an upfront payment of EUR 3,200,000 with an additional earn-out of maximum EUR 10,500,000 over a period of two years. The expected scenario was a total earn-out purchase price of EUR 4,500,000 if the seller generated revenue growth between 150 and 200 percent during the period. This growth rate is still in line with Catena Media’s expectations.
“We are very pleased to reach this new agreement with Gary as this will enable us to further develop our UK operations and enhance our long-term strategy. Since we purchased SBAT in October last year it has demonstrated a solid growth and been a perfect fit and complement to our existing operations. Gary and his team have proven to be a great asset and Gary will assume the responsibility of developing sports and social media for the whole group”, says Robert Andersson, CEO of Catena Media.
“This is a very positive change of terms for me as I really want to be part of driving development and creating long-term value for Catena Media. I have become impressed with Catena Media’s way of fuelling growth and how they work”, says Gary Gillis, founder of SBAT.
For further information, please contact:
Robert Andersson, CEO, phone: +356 770 329 28, e-mail: email@example.com
This information is information that Catena Media p.l.c is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on March 31, 2017 at 08.00 CET
About Catena Media
Catena Media is a fast-growing online performance marketing and lead generation company within iGaming with portals like PlayNJ.com SBAT, AskGamblers and RightCasino. The Group has established a leading market position through strong organic growth and acquisitions in its core markets. Catena Media was listed on Nasdaq Stockholm First North Premier in February 2016. During 2016, the company’s revenues reached approximately EUR 40 million. The Group was founded in 2012 and has today about 200 employees. The Group Head Office is situated in Malta. The company’s certified advisor is Avanza.