Better Collective has announced the readjustment of its financial targets for 2023 after consolidating Skycon Limited.
The business will be integrated into Better Collective’s Paid Media operations to increase its addressable market and valued proposition.
Skycon will be involved with the global network of Better Collective’s sportsbooks, including those in the US, as well as the AdTech platform currently under development.
Jesper Søgaard, Co-founder & CEO of Better Collective, said: “We have invested heavily in growing our Paid Media division to reach its current significant scale, while we also have invested in moving revenues to recurring revenue share contracts.
“During the past year, our efforts have proven successful and acquiring Skycon will be highly synergistic to this journey.
“Skycon is a great business, which is built on Better Collective’s favoured revenue share model.”
In order to complete the transaction, Better Collective will pay £25m in cash upfront and up to £20m in earn-outs based on financial performance targets.
To reflect this acquisition, Better Collective has increased its 2023 target revenue from €290-300m ($318-329m) to €305-315m.
Søgaard continued: “It is a perfect fit as we can leverage our leading skill set within media buying to grow Skycon’s revenues.
“We also see a clear path to further growth as the asset can be scaled across more of our business partners, into new territories, and optimised with our unrivalled first-party data in sports media.
"This acquisition will further deepen our moat.”
This announcement comes only a few weeks after Better Collective reported revenue growth of 52% for 2022.
