A subsidiary of Betsson AB, Betsson Perch Investments has acquired 35% of Strive Platform for a total of $6.5m.
Betsson has an option to increase its shares in Strive after the company launches in the US in the second half of 2021. It could exercise a 5% increase worth a consideration of $1m; Betsson says it will also grant to the company a convertible shareholder loan facility worth $2.5m.
In a report last year, Betsson announced an agreement with TG Lab UAB; through this deal Betsson was permitted access to the company’s new igaming platform to help its launch in the US market.
Since then, TG Lab has created Strive, which encompasses this platform and thanks to the acquisition, Betsson has now gained the intellectual property rights to the technology.
Betsson’s sportsbook will be the first to be integrated with Strive’s platform, a player account management system. The investment in Strive will complement Betsson’s standalone sportsbook and broaden its offering.
CEO of Betsson AB, Pontus Lindwall, said: “This investment is another important milestone in our US entry. The investment will support our B2C launch with the Betsafe brand in Colorado as well as broaden Betsson’s offering to the US market.
“The US market has a limited number of PAMs and sportsbooks that are truly set up for the multi-state regulatory environment and scale. This investment brings together two high-quality independent igaming technologies for the US market.”