European affiliate Raketech has strengthened its place in the US market by completing its previously announced purchase of A.T.S. Consultants (A.T.S.)
The American company’s assets and liabilities will come under the ownership of Raketech as a result of the purchase. This includes Winnersandwhiners.com, Statsalt.com, and Pickpapa.com, as well as all of its employees.
The price for A.T.S. came to $15.5m in cash and debt free basis, with $12m paid up front and then $1m more coming six months after closing. The remaining $2.5m will come as Raketech shares after a 36-month lock-up period.
Raketech is hoping that, by integrating these by implementing its technology through these already-established US brands, it will be better poised to exploit the growing US market.
In comments on the matter, Raketech CEO Oskar Mühlbach noted with optimism what the purchase means for Raketech’s designs on the US: “With all formalities now successfully closed, I look very much forward to combining our commercial models and to share technology and know-how between our teams to address the so important US market.
“As a matter of fact, with this acquisition, over 20% of our revenue is expected from the US already during Q1 of next year, putting us in a good position in the rapid growing US market”
Mühlbach then signaled what he hopes the new partnership with A.T.S. will look like: “I am happy that we, through this acquisition, strengthen our US organization with a strong local team with extended knowledge within the US sports industry. I am confident that together with the A.T.S. team, we will be able to accelerate the growth of our market share in the US sports industry.”
