Developer of igaming products Golden Matrix Group (GMGI) has announced that it has agreed to take on an indirect 80% controlling interest in Australian company Classics for a Cause Pty Ltd (CFAC).
An online discount platform, CFAC will help GMGI with its venture into the consumer loyalty and rewards industry that will additionally support the latter’s gaming and sports betting operations.
Brian Goodman, CEO of Golden Matrix, commented on the acquisition: “We are thrilled to proceed with this acquisition as it aligns perfectly with our strategy of acquiring profitable and accretive businesses.
“Our previous acquisition of RKings Competitions has been a phenomenal success, significantly contributing to our revenues and profits, and we anticipate similar results with CFAC.
“CFAC will provide a strong foundation to build on, as was the case with RKings, and we expect this acquisition will not only enhance our revenue and cash flow but will also add to our bottom-line profitability. We are confident in our ability to scale CFAC, implement cost efficiencies, upgrade its technology and further strengthen its free cash flow.”
CFAC’s platform represents a B2C business model that offers a paid membership complemented by access to a wide number of retail discounts across Australia, as well as promotional giveaways.
Thomas Bailey, Founder of CFAC, added: “We are incredibly excited to join forces with GMGI and contribute to their ongoing success. This partnership offers a significant opportunity to expand CFAC into new markets and elevate the company to new heights.”
