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Ascend Fundraising Solutions Offer to Purchase Bump 50:50 from Sportech PLC

·1-min read

Ascend Fundraising Solutions ("Ascend") announced that on January 25th, 2021 it submitted a revised indicative offer ("Offer") to acquire Bump 50:50, a wholly owned subsidiary of Sportech PLC ("Sportech"), for GBP 6.1 million in cash.

This Offer values Bump 50:50 at 3.1x reported 2019 revenue and 20.7x adjusted EBITDA, which excludes material central costs. In its letter, Ascend stated that any final offer would:

  • Not be subject to financing conditions;

  • Not be subject to regulatory approval;

  • Require limited due diligence with a desired closing as soon as possible; and

  • Include a material deposit by Ascend upon signing.

It is Ascend’s strong belief that Bump is for sale. Ascend has attempted to meaningfully engage about Bump since December 2020.

Ascend was by acquired by Orange Capital Ventures GP, LLC ("Orange Capital") as part of its approximately 45 million GBP debt-free purchase of Gaming Nation, Inc. in 2017.

About Ascend FS

Ascend Fundraising Solutions (FS), is a fast-growing software technology company that is the industry leader in data driven charitable fundraising solutions, including raffle and sports betting systems. With offices in New York, Toronto and the UK, we deliver our products to over 500 clients. Since its inception, Ascend’s platform has assisted non-profit organizations raise over $700 million.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210128005667/en/

Contacts

Daniel Lewis
Chief Executive Officer
(416) 479-3873
dlewis@orangecap.com