XB Systems has brokered an agreement to merge its X-Bet.co esports betting brand with UltraPlay white label site Buff.bet, in a deal it said would support its planned initial public offering (IPO).
Under the deal, XB Systems will combine with Buff.bet to offer an advanced wagering platform to esports fans.
X-Bet.co will take over the management and operations, as well as the domain and assets, of the merged business and operate the new entity under the Buff.bet banner.
UltraPlay will remain the platform provider for the newly formed venture for the foreseeable future, having previously provided the platform to XB Systems for its X-Bet.co brand.
The merger of the two brands comes at a time when XB Systems is preparing for an IPO of its business. Boutique financial advisory service provider JP Capital Investments has been assigned as a partner for the IPO.
“The merger is an absolute recipe for success and a win-win situation for everyone; under the Buff.bet brand we are targeting a major slice of the global esports market,” XB Systems chief executive Daniel Miller said.
“With our unique proposition of media portal and esports betting site powered by UltraPlay’s data and betting solutions, we are certain that our market share will grow massively over the next 24 months.”
UltraPlay chief executive Mario Ovcharov added: “We believe that X-Bet.co and Buff.bet will form a great synergy together.
“With the two sites joined forces and the experienced management team of XB Systems firmly in place, Buff.bet will undoubtedly go from strength to strength becoming one of the leading esports betting operators worldwide.”