XB Systems reveals Q1 update amid Galaxy Group merger
Esports operator XB Systems AG has published its Q1 trading update as it reveals that it signed an LOI for a merger with Galaxy Group Ltd.
Currently operating under BUFF.bet, XB Systems unveils really impressive growth in revenue for the first quarter of the year, as Q1 GGR tops €442,000, a whopping 197% boost year-on-year. After the merger between Bet.co and BUFF.bet in 2020’s second quarter, GGR has increased by 30%. Moreover, the firm has transferred all of its players over to the BUFF.bet brand, and has seen great growth in GGR, which really proves the BUFF.bet eSports offering’s power.
The company has also revealed that it has signed a Letter of Intent for a merger with Galaxy Group Ltd, which is operating under UltraPlay. The latter is a world-renowned eSports B2B software supplier, which has shown impressive revenue and growth for many consecutive years. The merger between these two companies will surely bring about a market-leading eSports offering.
The new combined firm would generate revenues worth more than €7 million in 2020 on a pro-forma basis. This union is set to be completed through an equity basis, as the Galaxy Group shareholders take equity in the new combined firm. The management is also now looking into finance options in order to make the transaction smoother and easier, as well as improving organic growth at the same time.