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Aspire Global
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===Games=== AG’s Games business was formed on the acquisition of Pariplay, consolidated from 1 October 2019, for €13.3m. Pariplay operates a leading global game aggregator platform and develops its own proprietary online games. The acquisition was strategically important as it provided AG with access to an important part of the iGaming value chain, games creation and aggregation and, significantly, Pariplay gained an iGaming licence for New Jersey, which is crucial for AG to grow in the strategically important US market. The attractiveness of Pariplay to online gaming operators is that as a hub, it provides fast and simple access to a vast collection of online games, increasing by 15–20 new titles per week, created by leading games creation companies. As Pariplay was integrated, it was expected to deliver both revenue synergies (cross-selling of AG’s and Pariplay’s games) and cost synergies (integration of platforms and back office, etc). At the time of the acquisition, Pariplay offered more than 2,000 games from over 30 vendors, as well as 56 proprietary games. The client base of c 60 operators included Svenska Spel, 888 Holdings.com, William Hill and Entain. Management has focused on increasing the quality and quantity of the games offered, as well as improving functionality and features, so that Games has gained more customers in more geographies. By the end of FY20, the number of third-party games available had increased to more than 3,000 from 42 vendors including Evolution Gaming and Netent, and the number of proprietary games had increased to 113 following a steady release of six new games per quarter. New customers since acquisition include leading names such as BetVictor and bwin, and in more new countries such as Portugal, Romania, Switzerland, and the United States. Operational focus has resulted in strong financial performance, with revenue and EBITDA at all-time highs in Q420. In FY20, revenue and EBITDA increased to €16.0m and €4.2m, growth of 52% and 144% respectively from FY19 pro forma revenue of €10.6m and EBITDA €1.7m. The EBITDA margin increased from 16.9% in Q419 to 26.8% in Q420, and from a pro forma FY19 margin of 16.2% to 26.0% in FY20, significantly higher than AG’s group average of 16.7%. Using Pariplay’s FY19 pro forma results, the acquisition price of €13.3m represented an EV/sales multiple of 1.3x and EV/EBITDA of 7.8x. Strong financial performance in FY20 brought the multiples down to 0.8x and 3.2x, respectively.
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