Australian betting technology group PlayUp Limited has entered into a business combination agreement with special purpose acquisition company (SPAC) IG Acquisition Corp (IGAC). Part of the deal is that PlayUp Limited will be listed on the NASDAQ.
The transaction is expected to close in the first quarter of 2023 contingent upon all of the closing conditions being met. The merger will value PlayUp at $350 million.
The acquisition team at IGAC said it had been searching for a suitable candidate to merge for the last two years. They determined that PlayUp was the most likely to succeed.
The company has betting licenses in Australia, New Zealand, India, and is operational in Colorado and New Jersey. It holds licenses in Iowa and Indiana but has yet to launch in those states.
PlayUp, which was founded in 2014 as a global sports, entertainment, and betting operator that develops its own proprietary technology to power its brand and offering, saw its gross revenue grown 56 percent in 2022 compared to the same period in 2021.
“PlayUp believes this transaction will enable us to continue investing in our proprietary technology and deliver on our aspirations to be the unrivaled entertainment and betting platform of the future,” said Daniel Simic, CEO of PlayUp, in a press release. “We envision a world where our players can enhance their experience betting on the products they already love plus interact with the next generation of immersive betting products that embrace newer technologies such as AR and VR.”
Christian Goode, Chief Executive Officer of IGAC, said the merger presents a unique opportunity.
“Currently, there is no platform that allows consumers to access every type of betting product through one single sign on,” Goode said. “Generally, industry competitors have chosen to focus on one product or another. IGAC and PlayUp have the same shared vision: to bring the global online betting industry the most comprehensive suite of traditional and innovative betting products from all over the globe together into one app.”
Now PlayUp will have fresh capital to continue achieving that goal, Goode added.
As part of the transaction, PlayUp CEO Daniel Simic will retain the title of Global CEO of the combined company, working alongside Goode and IGAC Chairman Bradley Tusk.
