Jumbo Interactive Limited (ASX:JIN) on 9 November 2020, announced that their UK business Gatherwell did exceed the revenue and profit targets to generate their first earn-out payment of AU$1,832,000.
This first earn-out payment earned by the company that JIN acquired in November 2019, will be paid in cash from the escrow funds held in a nominated bank account in the UK. A prospective second and final earn-out payment of up to AU$1,832,000 shall be ascertained post 30 June 2021.
Jumbo is one of Australia’s largest digital lottery retailers through its flagship service, Oz Lotteries.
It should be noted that Gatherwell was founded in 2013 in order to help local communities by raising funds via lotteries. The company is registering excellent outcomes and also recently expanded their activities by launching a multi-cause small society lotteries website www.onelottery.co.uk.
Meanwhile, JIN stock was trading up 7.626% at $12.560 with a market capitalisation of $728.77 million at 02:20 AEDT.