London AIM listed igaming marketing firm XLMedia has continued its corporate expansion through acquisition, with the conformation of its majority stake purchase in digital and mobile marketing services operator Marmar Media.
XLMedia governance confirmed that it had agreed to acquire a 54% stake in Marmar Media for a cash consideration of $7.36 million (£4.7million). XLMedia expects the acquisition to immediately affect its earnings capabilities, by adding to its marketing services functions.
Marmar media is a specialist in performance based marketing for mobile app and software downloads. Based in Israel Marmar generated revenues and EBITDA of $11 million and $2.2 million (non GAAP) in FY 2014.
Over 30% of Marmar’s revenues are derived from mobile devices and Marmar expects this rate to grow to over 50% in the current year. Marmar was founded 2011, is based in Tel Aviv and has 16 staff.
Ory Weihs, Chief Executive Officer of XLMedia, commented:
“We are delighted to announce the acquisition of a majority stake in Marmar Media, which is a highly complementary fit to the Group’s existing business. One of the reasons for becoming a public company was to enable the Group to grow through acquisitions and act as a consolidator in what we believe is a highly fragmented market. We believe this transaction is another good example of such an opportunity to add another performance media company to the Group, delivering value to our shareholders and scale to our business.