XB Systems signs accord to merge with UltraPlay

XB Systems, an esports operator, said it has signed a letter of intent to merge with Galaxy Group, which operates under the UltraPlay brand. UltraPlay is an award winning eSports B2B software provider, which has returned consistently strong revenue and earnings growth over the past few years. The combination of the XB Systems AG B2C eSports gambling business with UltraPlay’s award winning B2B offering will create a market leading vertically integrated eSports offering. The combined entity would have generated revenues of over €7m in 2020 on a pro-forma basis, with strong cash generation. While the merger will be done on an equity basis, with Galaxy Group shareholders taking equity in the combined entity, the management is currently considering finance options to facilitate the transaction and accelerate organic growth