Sports betting technology consolidation continues apace as online gambling operator Aspire Global has acquired sportsbook tech provider BtoBet.

On Thursday, Malta-based Aspire Global announced that it had reached a deal to acquire 100% of the shares in Gibraltar-based iGaming and sportsbook platform provider BtoBet Ltd. The transaction is expected to close in the final quarter of 2020 and won’t have any material impact on Aspire’s 2020 results.

Aspire Global has agreed to pay €20m in cash, of which €15m is payable when the deal closes and the remainder 12 months after closing. The deal also calls for a top-up payment two years after closing equal to 7x BtoBet’s EBIT in the second year post-close minus the €20m purchase price.

BtoBet’s Neuron 3 platform currently boasts 32 clients spread across Europe, Latin America and Africa. The company reported revenue of €4.4m and earnings of €1.5m last year, while revenue and earnings over the first half of 2020 totaled €3.1m and €1.2m, respectively.