Bingoport to be bought for £10 million

Bingoport to be sold for £10.5 million.

The popular bingo website, Bingoport, is to be sold in a deal worth up to £10.5 million.

Gaming Realms, the creator, publisher and marketer of next generation online gaming products, have announced that they have provisionally agreed to acquire the specialist eGaming marketing company Blueburra Holdings, the holding company of Digital Blue, of which Bingport is a part of.

The company also own a range of white label sites, including Diva Bingo, Butterfly Bingo, Bingo Clubhouse, Nutty Bingo, Live Bingo.

On Tuesday, the Group also announced that it has raised roughly £6.0 million through the proposed Placing of 18,148,487 new Ordinary Shares at 33 pence per Ordinary Share with new and existing Shareholders.

The initial deal will mean that Blueburra Holdings will be sold for £5 million, will an additional £5.5 million payable over the following three years if certain targets and adjustments are satisfied. Of which, £2.75 million will be payable in cash, and £2.75 will be satisfied through the issuing of new shares.

Gaming Realms are purchasing Blueburra Holdings because the company wishes to increase its database of subsidiaries, and also to enhance their revenue by focusing on product and marketing initiatives.

Patrick Southon, Chief Executive of Gaming Realms, said:

“The skills and aptitudes of Blueburra Holdings will complement and significantly enhance our overall marketing capabilities when combined with our recent acquisition of Quickthink Media, which has been successfully integrated into the Group. The Acquisition is consistent with our longer term strategy to increase the combined databases of our subsidiaries. Blueburra Holdings will boost our product and marketing initiatives to target the fast growing and overlapping audiences using mobile and tablet platforms which, in turn, will help to accelerate the Group’s future revenue growth.”

Scott Logan, Co-founder of Blueburra Holdings, added:

“Blueburra Holdings marketing approach to optimising player engagement fits well with Gaming Realms’s model of generating optimum and maximum player values across multiple platforms. Combining our capabilities and successful brands with those of Quickthink Media will enable the expanded Group to increase the number of real money players and revenue growth.

“We are excited to be moving Blueburra Holdings on to the next phase of its development. Our ambitions are aligned with those of Gaming Realms and we believe that the Acquisition will create long term value for the Group.”