SinglePoint Acquires DraftFury DFS Operator
Mobile technology and payment solutions provider, SinglePoint, has expanded further into the fast-growing daily fantasy sports (DFS) market with the acquisition of its second DFS operator, DraftFury. This deal follows its acquisition of GoDraft.com.
The full details of the acquisition were not disclosed, although the company revealed that they used a company valuation of $8 million. A combination of SinglePoint common stock and cash will be used to complete the transaction.
DraftFury, which is widely recognised as the first cash flow positive DFS company, uses skill-based daily fantasy contests for the National Basketball Association, National Football League and Major League Baseball. Its Fury Arena feature which makes use of an algorithm in order to match players with similar skill levels so that even players with little skill with have a chance of winning, has been praised for its innovation. Users have praised DraftFury for its originality among other similar platforms.
“This is a great company with great management and a unique seven-level referral program and an optimised interface which provides a superior gaming experience for users,” announced Greg Lambrecht, chief executive at SinglePoint.
“I am confident this will play an integral role in building shareholder value in the near term and invaluable relationships for the long term. We feel DraftFury is going to be worth a lot of money.”
“As well, SinglePoint is the only publicly traded company in the US markets I’m aware of that allows shareholders to be involved in the DFS realm.”
Members of the board at SinglePoint are pleased with the acquisition and executives have said that this is a flagship transaction in the company’s greater acquisition strategy. Others deals are currently being negotiated which will further strengthen SinglePoint’s foothold in the growing DFS industry.
April 16, 2017