SBC News Voice of the Sports Betting Industry
Online payment service provider SafeCharge, a majority owned company by Israeli igaming magnet Teddy Sagi, has announced its intentions to raise about $100 million by listing its shares on London’s junior Alternative Investment Market (AIM) stock exchange. A Company statement read that the payment provider was eyeing an April date for its flotation and further funding on the AIM.
The majority of SafeCharge’s business is handled by processing transactions for European igaming operators, in the past four years Safecharge has increased its payment process channels through strategic partnership channels with numerous igaming and sports betting operators. Safecharge also process’s online payments and withdrawals through multiple solutions.
UK business news sources such as Bloomberg and Reuters ,expect the company to have a market capitalisation of between £210 and £230 million ($349-382 million) after the sale of new shares. It plans to have a free float of at least 25 percent of its capital.
“We’re very excited by the prospect of listing in London, which will improve the group’s profile amongst prospective clients and should enable us to grow both organically and through acquisitions,” Chief Executive David Avgi said in a statement.
SafeCharge is one of a growing number of companies in Europe that are selling shares to investors who expect growth as the economy picks up momentum.
SafeCharge had turnover of $43.2 million in 2013 and reported adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of $11.3 million. The company employs about 200 people in Britain, Cyprus, Bulgaria, Israel, Germany and Austria.
