Ascend Fundraising Solutions Offer to Purchase Bump 50:50 from Sportech PLC
Summary
NEW YORK--(BUSINESS WIRE)--Ascend Fundraising Solutions (“Ascend”) announced that on January 25th, 2021 it submitted a revised indicative offer (“Offer”) to acquire Bump 50:50, a wholly owned subsidiary of Sportech PLC (“Sportech”), for GBP 6.1 million in cash. This Offer values Bump 50:50 at 3.1x reported 2019 revenue and 20.7x adjusted EBITDA, which excludes material central costs. In its letter, Ascend stated that any final offer would: • Not be subject to financing conditions; • Not be subject to regulatory approval; • Require limited due diligence with a desired closing as soon as possible; and It is Ascend’s strong belief that Bump is for sale. Ascend Fundraising Solutions (FS), is a fast-growing software technology company that is the industry leader in data driven charitable fundraising solutions, including raffle and sports betting systems. Since its inception, Ascend’s platform has assisted non-profit organizations raise over $700 million.