Golden Matrix Group to acquire Australian brand Classics for a Cause
The B2B and B2C firm will gain a controlling interest in the Australian-based company.
Golden Matrix Group and Classics for a Cause (CFAC) have signed a definite agreement that will allow Golden Matrix to acquire an 80% controlling interest in CFAC.
With this acquisition, Golden Matrix will step into the loyalty and rewards industry. CFAC is an Australian-based company that specializes in providing online independent discount platforms.
CEO Brian Goodman expressed the company’s excitement for the new acquisition.
He commented, “We are thrilled to proceed with this acquisition as it aligns perfectly with our strategy of acquiring profitable and accretive businesses. Our previous acquisition of RKings Competitions has been a phenomenal success, significantly contributing to our revenues and profits, and we anticipate similar results with CFAC.
“CFAC will provide a strong foundation to build on, as was the case with RKings, and we expect this acquisition will not only enhance our revenue and cash flow but will also add to our bottom-line profitability. We are confident in our ability to scale CFAC, implement cost efficiencies, upgrade its technology and further strengthen its free cash flow.”
Golden Matrix serves as a licensor, developer and global operator in both the eCommerce and online gaming platforms.
During the previous fiscal year, the company posted $44.2m in revenue, the highest full-year revenue in Golden Matrix history.
CFAC Founder Thomas Bailey said the group is eager to become part of the Golden Matrix family.
He said in closing, “We are incredibly excited to join forces with GMGI and contribute to their ongoing success.
“This partnership offers a significant opportunity to expand CFAC into new markets and elevate the company to new heights.”
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