Digital performance marketing company XLMedia (LSE: XLM), has agreed to acquire a majority stake of 54% in Marmar Media Ltd for up to $7.36 million, from its current sole shareholder Oren Avidor.

The acquisition consideration consists of an initial cash payment of $5.36 million, and a contingent payment of up to $2 million based on Marmar’s EBITDA performance during the year ending March 31, 2016. The acquisition is expected to be completed on July 1, 2015. Marmar’s key management will remain in their position following the closing.

Marmar specializes in performance based marketing for a number of verticals including apps, software entertainment and to a lesser degree gambling. Marmar generated revenues and EBITDA of $11 million and $2.2 million in FY 2014. Over 30% of Marmar’s revenues are derived from mobile devices and Marmar expects this rate to grow to over 50% in the current year. Marmar was founded 2011, is based in Tel Aviv and has a staff of 16.

Ory Weihs

Ory Weihs, CEO at XLMedia PLC

“We are delighted to announce the acquisition of a majority stake in Marmar Media, which is a highly complementary fit to the Group’s existing business, “said Ory Weihs, CEO of XLMedia. “One of the reasons for becoming a public company was to enable the Group to grow through acquisitions and act as a consolidator in what we believe is a highly fragmented market. We believe this transaction is another good example of such an opportunity to add another performance media company to the Group, delivering value to our shareholders and scale to our business,” he added.

XLMedia PLC is a Jersey-based global digital publishing and marketing company, publicly listed on the London Alternative Investment Market (AIM). The company uses proprietary tools and methodologies to generate high value traffic for its customers, in return for a revenue share, fixed fees or a hybrid of both. XLMedia operates across a number of verticals with specific expertise in the online gaming sector, where it partners with over 150 online gaming operators in more than 20 countries.

XL Media was created in 2007 through a merger between a business run by chief executive Ory Weihs and two other founders. The company’s chairman Chris Bell, was Ladbrokes plc’s CEO for nine years before leaving in 2010, and has 20 years of experience in the gambling industry.

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