Bragg Gaming Group says none of the proposals received regarding a potential sale or merger reflected the company’s “intrinsic value,” as it posted record third-quarter revenue.
A special committee began looking into strategic alternatives for Bragg in March, with a “significant number” of potential parties coming forward and “multiple” non-binding proposals considered.
But a company statement said none of the proposals reflected Bragg’s current and projected financial performance.
Don Robertson, independent board member and chair of the special committee, said: “After a comprehensive and exhaustive process, the committee recommended, and the board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximising shareholder value.
“Although the process has now concluded, Bragg’s board will continue to be open to and consider all opportunities for enhancing shareholder value.”
The confirmation came as Bragg reported record Q3 revenue of €26.2m, rising 16 per cent year-on-year from €22.6m.
Adjusted EBITDA grew by seven per cent to €4.1m and gross profit climbed 18 per cent to €14m.
Bragg CEO Matevž Mazij said “strong” Q3 revenue gains from content distribution helped drive a 14 per cent global increase in proprietary online content revenue year-over-year.
“Since stepping in as chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations and sharpened our sales strategy with a targeted, jurisdictional approach,” he said.
“These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier one opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialisation and unlocking profitable growth, without the need for significant new investment in product development.
“Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth and profitable future.”
