Vancouver, BC (June 27, 2024)— GeoComply Solutions Inc. (“GeoComply”) today announced it has entered into a definitive agreement with FansUnite Entertainment Inc. (“FansUnite”), FansUnite US Inc. (“FansUS”), and Hero Group Corp. (the “Purchaser”) pursuant to which FansUnite has agreed to sell to the Purchaser all of the issued and outstanding shares of FansUS, which owns and operates the Betting Hero business, for an aggregate purchase price of US$37.5 million, subject to ordinary working capital and cash adjustments (the “Transaction”).
Upon completion of the Transaction, the Purchaser will be controlled 60% by Betting Hero’s co-founders, Jai Maw and Jeremy Jakary (the “Betting Hero Co-Founders”), and 40% by GeoComply. GeoComply’s investment in the Purchaser will support the Betting Hero Co-Founders to operate and grow the Betting Hero business following the sale of the Betting Hero business to the Purchaser.
“Jai and Jeremy have built a tremendous business with a laser-like vision to support their customers’ mission for the best possible user experience through the sign-up process. At GeoComply we share that vision and are delighted, through this intended investment, to help Betting Hero further their efforts and deploy more resources and focus into serving our customers and their patrons throughout North America,” said Anna Sainsbury, GeoComply CEO.
Betting Hero has operated for six years and is now active in more than 20 regulated gaming states. Its Activation business has converted over 500,000 new users to online sportsbook and iGaming operators, nearly all of whom were betting at a casino, arena, or in the Betting Hero bar network. The Betting Hero Research segment shows that new users activated by ‘Heroes’ are 50% more likely to make a successful first-time deposit, compared to the industry average. Betting Hero and GeoComply intend to work in tandem to develop real-time solutions that will make the online sportsbook and iGaming activation process as seamless as ever.
Completion of the Transaction is subject to satisfaction or waiver of a number of conditions, including the requisite FansUnite shareholder approval, all necessary regulatory and third-party approvals, and other conditions customary in transactions of this nature. For further information about the Transaction, please refer to the FansUnite press release filed on SEDAR+ at www.sedarplus.ca.
About GeoComply
GeoComply, the global leader in geolocation compliance, anti-fraud, and identity technology, has been trusted by leading online gaming operators and regulators for the past ten years. GeoComply provides fraud prevention and cybersecurity solutions that detect location fraud and verifies a user’s true digital identity. The company’s geolocation solutions have been installed on over 400 million devices and analyze over a billion transactions every month. GeoComply’s award-winning products are based on the technologies developed for the highly regulated and complex US online gaming and sports betting market. Beyond iGaming, GeoComply provides geolocation fraud detection solutions for streaming video broadcasters and the online banking, payments and cryptocurrency industries, building an impressive list of customers, including Akamai, Nextdoor, BBC, BetMGM, DraftKings, FanDuel, and Luno.
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