XLMedia, the Jersey-based online gaming media specialists, has announced the acquisition of WhichBingo, the UK-headquartered online bingo reviews website, for an undisclosed sum.
XLMedia was founded in 2008 and consists of three divisions. Their ‘Publishing’ department owns more than 2,000 websites, whilst their ‘Digital Media Buying’ arm develops and distributes online media campaigns. Most importantly the ‘Affiliate Network’ division manages an approximate of 300 affiliate partners who generate revenue for XLMedia through commission.
WhichBingo was founded in 2000 by Phil Fraser, the sites current owner, who oversaw the online bingo review website to win ten industry awards for their services. The company also runs their own awards show, the WhichBingo Awards, and publishes its own UK focused ‘Online Bingo Annual Report’.
Commenting on the company’s latest acquisition, Ory Weihs, CEO of XLMedia said: "We are delighted to have acquired such a well-regarded UK brand. WhichBingo fits perfectly into our strategy of acquiring high quality assets across regulated markets. ”
XLMedia had an impressive 2017 as shown by its full-year financial results, released in March 2018, which showed revenue increase 33% to $137.6m, whilst gross profit also rose 37% to $73.1m, in comparison to the previous year.
Weihs added: "We continue to see a healthy pipeline of acquisition opportunities as we seek to both strengthen and broaden our market reach during 2018."
The acquisition will be added into the XLMedia portfolio alongside two Finnish companies, Nettikasinot.com and Netticasinot.com that were purchased for €15m in January 2018.