Australian betting technology group PlayUp Limited will soon be listed on the NASDAQ after entering into a business combination agreement with special purpose acquisition company (SPAC) IG Acquisition Corp (IGAC).
The transaction is expected to close in 1Q23 and values PlayUp at US$350 million.
In announcing the agreement, IGAC said it had spent almost two years looking at potential merger partners before concluding that PlayUp was the company most likely to succeed over the long term.
PlayUp, whose gross revenue grew 56% year-on-year in 2022, holds online betting licenses in multiple jurisdictions and currently operates in Australia, New Zealand, India and several regulated states in the U.S. It is also pursuing an aggressive expansion strategy in the US and around the globe.
IGAC explained the Australian firm is “uniquely positioned to build the first fully integrated technology platform where consumers can engage in broad forms of betting – daily fantasy, sports betting, slots, table games, casino games, Esports, lottery, sweepstakes and more – from one platform, one account, one digital wallet, anywhere in the world where it’s legal.”
Christian Goode, Chief Executive Officer of IGAC, said, “Currently, there is no platform that allows consumers to access every type of betting product through one single sign on.
“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.
“The transaction is expected to provide PlayUp with access to fresh capital to continue expanding its vision of a true single destination for the future of online betting.”
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.
“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 Simic.
“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.”