12/20/11 : Completes full ownership in two transactions
Digital sports content provider PERFORM announced the acquisitions of WatchandTrade Limited and Global Sports Media B.V. in two separate transactions this week.
PERFORM has acquired the remaining 40 percent of WatchandTrade for a GBP 550 000 initial cash consideration with a maximum cash consideration of GBP 5.85 million based on full year EBITDA results of the business ending December 31, 2011, 2012 and 2013.
Prior to this acquisition PERFORM acquired 60 percent of the live sports video content provider in January 2010 subscribing GBP 60 000 for its ownership stake.
WatchandTrade’s managing director Michael Cobain, who will stay on in the role, commented: "This has been a fantastic journey of rapid growth in testing financial times, which has been made possible through determination, having the right product and the backing of an ambitious and supportive company in Perform. We have some exciting new developments in the pipeline and the acquisition by Perform will really help us continue this growth and increase our foothold in the market."
In its second acquisition, PERFORM takes full ownership from the original, founder shareholders A.P Robijn Holding B.V., Riku Soininen and Petri Laine for the remaining 49 percent shares of Dutch company Global Sport Media B.V. (GSM) for a cash consideration of Euro 4.3 million.
GSM, established in 2000, owns and runs soccerway.com – a football information portal, scoresway.com – a general live score portal and includes a sports information data business with over 170 clients.
PERFORM acquired 51 percent of GSM’s shares in January 2009 for Euro 500 000, along with an option to acquire the remaining 49 percent, based on either an agreed multiple calculation of 2011 full year results or a fixed price of Euro 4.3 million.
Arjen Robijn who will continue in his role as chief executive officer after the completion of the acquisition said: "This is a great development for GSM. In the three years since Perform acquired a stake in our business, we have increased revenues by 350 percent and EBITDA by 1200 percent and we are delighted to now become 100 percent owned by Perform to continue this exciting growth story."
Oliver Slipper, joint CEO of Perform commented: "We are delighted to have completed the acquisition of GSM and look forward to continuing its growth in the sports data and sports website fields."