Raketech Agrees €8.2 Million Settlement for €20.3 Million Casumba Earnout

Raketech has agreed to settle its remaining earnout obligation to Casumba Media’s former owners for €8.2 million, compared with approximately €20.3 million payable under existing terms, including accrued interest.

The agreement, announced on October 19, reduces the amount payable by approximately €12.1 million. Raketech will fund the settlement with €5.5 million in Bank of Valletta financing and €2.7 million from existing cash.

Financing has been approved, but completion remains dependent on the bank releasing the loan. Once fully paid, the settlement will extinguish Raketech’s remaining obligations to Casumba’s sellers. 

Discount Resolves a Long-Running Acquisition Liability

Raketech bought Casumba on August 30, 2019, paying €2 million upfront to establish a presence in Japan’s iGaming affiliate market.

The acquisition included additional payments linked to future performance. One component was capped at €2.1 million, while another was uncapped in amount but calculated on performance through July 31, 2024. The arrangement therefore had a defined measurement period, rather than a lifetime revenue share. 

Payment terms were subsequently revised. In May 2025, Raketech extended the remaining payment period from September 2026 to March 2028, with interest and cash settlement.

The latest agreement replaces those outstanding payments with an amount equivalent to approximately 40% of the current obligation.

Casumba Sale Payments Continue

Raketech sold the Casumba assets on September 24, 2025, for fixed consideration of €12 million, payable in monthly instalments through December 2029.

At the time, management attributed the disposal to regulatory changes in Casumba’s markets and a decision to redirect resources toward AffiliationCloud. The company recognised an approximately €10 million non-cash disposal loss. 

The sale receivable is separate from the acquisition earnout. Raketech retains the right to receive the outstanding instalments despite settling with Casumba’s former owners.

The €12 million headline sale price also differs from its accounting value. Raketech initially recognised the deferred consideration at €7.2 million; its carrying value was €6.8 million at June 30, 2026. The sale payments bear interest at 8%. 

Financing Brings Conditions and Lower Debt

Raketech expects completion to reduce net interest-bearing debt by approximately €12 million. It also anticipates a non-recurring accounting gain, recognised below operating profit, with no effect on EBITDA or adjusted EBITDA.

After settlement, total bank borrowings are expected to be approximately €8.5 million, repayable over three years. The Casumba sale receivable has been pledged as security for the financing.

The agreement includes fallback provisions. If the bank has not released the loan by December 31, quarterly payments under the previous terms resume. Sellers can terminate their respective portions of the agreement if financing remains unavailable by March 31, 2027, or is cancelled.

Raketech also disclosed that director Magnus Alebo has a beneficial interest in one seller. He did not participate in the board’s deliberations or approval of the agreement.