Bragg Gaming CFO resigns to explore new possibilities

Kannor has resigned in order to explore pursue other career opportunities

Bragg Gaming has announced that Ronen Kannor has resigned as chief financial officer of the gaming technology and content provider.

Kannor notified Bragg’s board of directors that his resignations, effective June 3, is in order to pursue other career opportunities.

“It has been an honor to be part of the Bragg team which has successfully navigated many challenges and continued to deliver consistent growth over the past four years. I thank the Board for their support throughout my time with Bragg, and I am now fully focused on ensuring a smooth handover to my successor,” commented Kannor.

Kannar has served as Bragg’s CFO for the last four years and, prior to joining the company, he served a similar role at Stride Gaming Group for more than five years.

“We thank Ronen for his dedication and commitment to Bragg over the past four years and for his unwavering service as a pivotal member of the leadership team,” added Bragg Gaming Chief Executive Officer and Chair of the Board Matevž Mazij. “During his tenure as CFO, the Company has undergone huge positive transformation including being uplisted to the Toronto Stock Exchange, dual listed on the NASDAQ and successfully completing two acquisitions, all while reporting consecutive years of revenue, gross profit and adjusted EBITDA growth.”

The operator confirmed that it has already commenced a search to appoint Kannor’s replacement.

Bragg consider potential sale

Last month during an earnings call Bragg Gaming revealed that it has formed an ad hoc special committee to determine its future following a disappointing Q4 performance.

The company reported a 23.7% drop in adjusted EBITDA to €2.8 million ($4.1 million CAD) as well as smaller drops in overall revenue and gross profit. A bright spot for the Toronto-based operator came from wagering revenue, which rose 18.1% to €6.1 billion ($9.0 billion).

Potential actions for the committee to consider include the sale of the company or its assets, a merger, financing, further acquisitions, or other strategic alternatives.

Last November investor Jeremy Raper of Raper Capital wrote an open letter to Mazji urging the sale of it’s “highly desirable assets” as it would deliver “a gargantuan premium” to investors.

Full-year success

Despite a dip in Q4 Bragg reported more positive full-year earnings. Its revenue rose 10.4% year-on-year to €93.5 million ($137.6 million CAD) and adjusted EBITDA grew 26.3% to €15.2 million ($22.4 million CAD) against wagering revenue.

Bragg hailed content distribution agreements with brands such as Betsson, 888/William Hill and PokerStars as well as growing its presence in existing markets like the U.S., U.K., Spain and Switzerland.

In the U.S. it rolled out with multiple operators including BetMGM in New Jersey and Golden Nugget in Michigan

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