Bango PLC has reported strong revenue growth of 59% for 2022.
The Cambridge-based payments insight business said sales were around $32.9 million (£26.5m).
However adjusted EBITDA was around $4.1m (£3.3m), down from $6.1m in FY21.
It said this was in line with expectations, including the ‘initial negative contribution’ from the acquisition of DOCOMO Digital.
The deal, completed in August 2022, adds significant scale to Bango, including £13m annual revenue and over 100 new customers.
Bango said £8.9m of £17m planned cost synergies from the acquisition have been executed to date. The acquisition remains on track to deliver more than £8m of incremental adjusted EBITDA in 2024, it added.
Cash in the business at 31st December 2022 was $9.7m (£7.8m).
2022 saw 44 new organic merchant customers at Bango, including McAfee, HBO, Paramount, NFL and Duolingo, as well as an unnamed global tech leader. These merchants can now offer their products to all operators connected to the Bango platform.
Platform deals with T-Mobile, Televisa Univision and Liberty Global alongside the launch of Verizon +Play drove ARR growth.
“2022 was a transformational year for Bango. We acquired a significant competitor, with a high-quality customer base, doubling the size of our business and accelerating our growth plans by more than two years,” said Paul Larbey, CEO.
“Bango is now the number one telco integrations partner for both Amazon and Google. In 2022, Bango Audiences broke new ground in the campaigns of global consumer brands like Adidas, alongside the growing number of games and other app developers.
“Headwinds in the advertising market mean marketers are under more pressure than before to achieve a return on their ad spend, increasing the demand for Bango purchase behaviour targeting.
“We enter the year with a rich pipeline of opportunities that make me very confident this strong growth will continue in 2023 and beyond.”