Former Lads CEO plots £60m gaming floatation
Chris Bell to lead digital marketing firm XLMedia onto London's AIM targeting £24m in fundraising
XLMedia, the egaming marketing firm chaired by former Ladbrokes chief executive Chris Bell, has announced plans to float on London’s Alternative Investment Market (AIM) and aims to raise up to £24m.
The flotation values the Israel-based firm, whose clients include William Hill, 888, Ladbrokes, Unibet and bet365, at around £60m.
XLMedia was founded in 2003 by technology entrepreneur and professional poker player Ory Weihs before merging with online marketing firms Webpals and Reef Media, which operate as part of the XLMedia group.
According to reports the company generates traffic through more than 2,000 networked sites and adverts on platforms including Facebook.
The firm also provides services including search engine optimisation and its Reef affiliate network.
Bell, who served as Ladbrokes CEO for 18 years between 1991 and 2009, was appointed by XLMedia to manage the floatation. He is also currently a non-exec at Spirit Pub Company and chairman at Bet Butler.
The company saw revenues jump from US$11.2m in 2010 to more than $26m in 2012 and the recorded adjusted profits of $13.47m in the year ended 31 December 2012.
XL has appointed banking firm Cenkos Securities to lead the initiative.