Lottery retailer Jumbo Interactive has completed its acquisition of Canada-based lottery management provider Stride Management.
Completion of Stride Acquisition Jumbo Interactive Limited (Jumbo) is pleased to confirm that the acquisition of Stride Management Inc. (Stride), as announced to the ASX on 26 August 2021, has completed today following the satisfaction of all closing conditions under the terms of the Share Purchase Agreement.
Stride’s contribution to Jumbo’s FY2022 earnings is not expected to be material. - Ends -
Authorised for release by the Board of Directors.
For further information contact:
Investor Relations – Jatin Khosla +61 428 346 792 This email address is being protected from spambots. You need JavaScript enabled to view it.
Media – Mike Veverka (CEO & Founder) +61 7 3831 3705 This email address is being protected from spambots. You need JavaScript enabled to view it.
About Jumbo Interactive Jumbo is Australia’s leading dedicated digital lottery company, making lotteries easier by offering its proprietary lottery software platform and lottery management expertise to the government and charity lottery sectors in Australia and globally, and by retailing lottery tickets in Australia and the South Pacific via ozlotteries.com.
Jumbo was founded in Brisbane in 1995, listed on the ASX in 1999, and has ~160 employees creating engaging and entertaining lottery experiences for its global player base.
About Stride Management Inc. Stride was founded in 1997 in Calgary, Alberta, and has been passionately working with charitable organisations for over 20 years.
The business employs a multi-disciplinary team of approximately 30 employees and has recently embarked on providing a full-service offer to organisations seeking to fundraise via a fully managed raffle product. Stride generated ~A$128 million1 (C$115 million) in Total Transaction Value, ~A$6.9 million1 (C$6.2 million) in service revenue and ~A$2.6 million1 (C$2.3 million) in Net Profit Before Tax (NBPT) for the year ended 30 September 20212 . The conditional acquisition of Stride by Jumbo was announced on 26 August 2021 for a cash consideration of A$11.9 million3 (C$11.0 million4 ). 1 Based on exchange rate of C$0.90 = A$1.00 2 Based on management accounts (unaudited) 3 Based on hedged rate of C$0.92 = A$1.00 4 Refer to ASX Announcement released on 26 August 2021 for further detail