Signing Day Sports, the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, has announced the signing of a binding term sheet to acquire 95-99 per cent of Dear Cashmere Group Holding Company, doing business as Swifty Global.
Swifty is led by British CEO and technology entrepreneur James Gibbons. Swifty’s technology is scalable and GLI-certified and it holds gaming licenses in the UK, Ireland, South Africa, Curacao, and is expected to obtain a gaming license in Malta in the near future. Swifty’s in-house development team has developed GLI-certified software for the sports gaming sector. This acquisition will enable Signing Day Sports to reduce development costs while accelerating its product development and rollout plans.
In addition to its SaaS-based gaming software, which Swifty offers to online gambling operators under a revenue-sharing model, Swifty also serves its own licensed clients in online sports betting and casino gaming in a limited number of jurisdictions. Swifty, which is debt free, achieved revenue of over $128 million and net profit of approximately $2.44m in the fiscal year ended December 31, 2023, despite significant investments of nearly $3.1m in software development and licensing.
The acquisition of Swifty by Signing Day Sports is intended to result in the combined company being traded on NYSE American. Swifty will continue to operate under the Swifty management team led by James Gibbons, while Signing Day Sports will become a subsidiary of the publicly listed company. This acquisition is expected to provide Swifty with the necessary capital to fuel accelerated growth.
Swifty CEO James Gibbons commented: “We are delighted to have signed a binding term sheet with Signing Day Sports, following months of close collaboration. The term sheet establishes the deal framework and valuation. Our team has worked tirelessly over the past four years to develop and grow the business organically in a profitable and cash positive manner with no debt and minimal dilution, in a highly regulated sector, obtaining numerous licenses and regulatory approvals globally which we believe demonstrates our ability to successfully execute a dynamic business plan in multiple jurisdictions. After three years of software development and millions of dollars of investment, the company is now perfectly positioned for rapid growth and our acquisition by Signing Day Sports provides Swifty the platform to execute its growth plans.”
Signing Day Sports CEO, Daniel Nelson, commented, “It is with great excitement that we can announce the signing of a binding term sheet with Swifty Global to be the start of our new growth strategy of buying and building sports technology and casino gaming companies and other companies that are synergistic with our business. I want to thank Nick, James and their team for their vision and insights that led to this agreement. It was clear from the beginning that both Signing Day Sports and Swifty had great alignment and synergy and I believe we can build an exciting global sports technology platform together. We both recognize there is a lot of hard work and important decisions still to be made, but we are confident that together, we will make powerful decisions that will build Signing Day Sports into a leading global sports technology company.”