Domain monetization firm Team Internet grossed over $74 million last year
CentralNic paid less than 4x adjusted EBITDA for the firm.
Team Internet AG, a domain name monetization firm, recorded revenue of USD $74 million for 2019 up to December 24. Its adjusted EBITDA for this period was USD $12.3 million.
CentralNic (London AIM: CNIC) purchased Team Internet at the end of last year, hence the odd reporting year.
This was up from the trailing twelve months numbers CentralNic noted when it disclosed the planned buyout. At that time, it disclosed the numbers for 12 months to June 30, 2019. Those were $66.7 million and $10.6, respectively.
CentralNic notes that its buyout price of $48 million was 3.9 times Team Internet’s adjusted EBITDA for 2019 up to December 24.
Like most firms, CentralNic’s share price has taken a plunge in the market turmoil. It closed at 61 pence yesterday, down from as high as 93.5 pence at the beginning of the year. It’s carrying a heavy debt load in the form of corporate bonds. Suddenly, that’s out of fashion.
