Delta Corp Acquires Adda52.com

25 September 2016

From Businesswireindia

 

Delta Corp Ltd is acquiring Gauss Network Pvt Ltd, which owns Adda52.com, India’s No1 poker site, in a part cash, part equity deal.

In its disclosure yesterday to the stock exchanges, Delta Corp said that with this transaction, which complements the gaming business, “Delta will widen its business horizon and increase its overall footprint, thereby consolidating its overall leadership position.” With Gauss Network within its fold, Delta Corp will instantly gain leadership position in the online poker in india space. The acquisition will provide great business and growth synergies as well financial strength and flexibility. It will help expand the customer base and market penetration.
 
The online gaming space in India, while well established worldwide, is in its early stages and has immense growth potential.
 
Hardik Dhebar, Group CFO of Delta Corp, said: “The online space will not cannibalise our existing business. The market is big enough to accommodate both the segments. Globally, the two coexist.” He added: “The consolidated revenue of Gauss Network in FY16 was Rs 47 crore and EBITDA margins were in the 30%-35% range.”
 
The company is debt-free and is cash generating.
 
Delta Corp registered its best-ever quarter with revenue of Rs 108.65 crore in Q1 2016-17 – a growth of 34.6% over the same quarter in the last financial year.

Delta Corp is the largest and only listed company in the gaming and hospitality segment in India.



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