Through a subsidiary, Betsson has become the firm’s majority shareholder, acquiring the stake from TG Holdings Limited for a total consideration of €14m ($14m).
This will be paid in three instalments, of which €6m has been paid in cash immediately.
A further €4m will be paid in six months’ time – also in cash – while the final €4m will be paid in 12 months’ time, either in cash or shares issued by Betsson.
The company will use existing funds to finance the “cash portion of the acquisition,” it said.
“We continue to grow our sportsbook business around the world and this deal will both strengthen our position as one of the leading B2C sportsbook operators in the market and complement our highly competitive B2B sportsbook proposition,” commented Pontus Lindwall, Betsson CEO.
KickerTech’s 50-strong team is based in Lithuania, building odds models, trading technology and sportsbook features.
For the 12 months ended 30 September, the business generated €2.6m in revenue and produced an EBIT of €1.3m.
Lindwall continued: “We are acquiring a proven business with a track record of growth in client base, sportsbook turnover and revenue in the past years.
“The acquisition will contribute sportsbook functionality, tech development capabilities and new B2B clients. I am very pleased to welcome the new team and clients to the Betsson Group.”