M&A advisory for ViceTech companies
ViceTech M&A operates inside a buyer universe that screens carefully on regulatory and reputational risk before engaging on commercial fit. Activity has been most consistent around cannabis software and ancillary services in legal US states, regulated adult content platforms, alcohol marketplaces and gambling-adjacent media. Buyers concentrate on operators with clean licensing, stable payment relationships and clear age-gating and compliance infrastructure.
Acquirers willing to underwrite restricted categories are specific and known. In cannabis, the listed MSOs and ancillary tech consolidators run targeted corp dev programmes; in adult content, the major platform groups acquire selectively; in alcohol e-commerce, the listed drinks groups and a small set of strategic distributors look at marketplaces and software. PE platforms set up to hold these assets - specialist cannabis sponsors, the family-office-backed ViceTech vehicles and a handful of mid-market sponsors with the governance infrastructure - round out the universe. Flow has direct access across the strategic corp dev teams and the specialist sponsors.
Flow team has relevant sector experience and has worked with ViceTech companies across cannabis technology and marketplaces, adult content platforms, alcohol and tobacco e-commerce, regulated gambling-adjacent media and other restricted-category consumer businesses.
"ViceTech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing ViceTech M&A targets
Active customers
Net revenue
Repeat purchase rate
Average order value
CAC
Payback period
Cohort retention
Payment processor cost
Compliance & age-verification cost
Revenue by jurisdiction
Gross margin
Contribution margin
ViceTech valuations in May 2026
Public ViceTech comps trade at 1.6x EV/Revenue. Median revenue multiple across ViceTech M&A deals was 2.0x in the last 12 months.
1.6x
Median EV/Revenue as of May 2026 for public ViceTech companies
7.2x
Altria Group is the highest valued public ViceTech company based on EV/Revenue (excluding outliers)
2.0x
Median EV/Revenue across ViceTech M&A deals in the last 12 months
2.3x
Median EV/Revenue across ViceTech VC rounds in the last 12 months
Key recent ViceTech M&A deals
$14B acquisition of Chart Industries by Baker Hughes was the largest ViceTech M&A transaction completed in the last year.
See all ViceTech M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | Chart Industries |  | Chart Industries provides a variety of cryogenic equipment for storage, distribution, and other processes within the industrial gas and liquefied natural gas industries. It also provides natural gas processing solutions for the natural gas industry and specialty products that serve a variety of spaces, including hydrogen, biofuels, cannabis, and water treatment. The firm acquired Howden in a significant deal in early 2023, roughly doubling the size of the company. It plans to merge with Flowserve by the end of 2025. | Baker Hughes | $14B | 3.2x | |
Oct-25 | Tipico Group |  | Tipico Group is a Malta-headquartered online sportsbook and casino operator active in 12 European countries plus US states like New Jersey and Colorado. Founded in 2004 with 2,000 employees, it delivers betting on 35 sports via web, iOS, and Android apps, including live wagering on Bundesliga soccer and NBA games. The company runs 300 retail shops in Germany and Austria while powering white-label platforms for partners. Tipico's casino portfolio spans 2,500 slots and live blackjack tables from Playtech, with withdrawal times under 24 hours via Skrill and Visa. | Banijay Group | $9.7B | 13x | |
Jul-25 | International Game Technology |  | International Game Technology is a London-headquartered multinational corporation that designs, manufactures, and supplies casino gaming machines, lottery systems, sports betting platforms, and digital gaming content worldwide. It produces electronic gaming equipment at facilities in Reno, Nevada, and in the United Kingdom, supplemented by third-party production in Japan and China. Revenue arises from equipment distribution, systems integration, ancillary services, and intellectual property licensing. The company segments operations into North America, covering the United States and Canada, and international regions spanning multiple jurisdictions. In 2009, it completed the acquisition of Progressive Gaming International Corporation to bolster its product portfolio. | Apollo Global Management | $6.3B | 2.5x | |
Jul-25 | Bally's (international interactive unit) | | Bally’s International Interactive is the iGaming division of Bally’s Corporation that operates online casino, bingo, poker, and sports betting platforms across Europe and other regulated markets. The Excite Platform handles player account management, wallet services, and compliance, while the Engage Aggregator delivers over 2,000 games from suppliers including IGT, NetEnt, Evolution Gaming, and Playtech, plus proprietary slots from in-house studios. Flagship brands feature Jackpotjoy for bingo, unique poker variants like Wild Seat Poker, and free-to-play titles with community chat and live dealer streams. Licensed by the UK Gambling Commission, the unit serves players in the UK, Belgium, and Italy from its London headquarters, following Bally’s 2021 acquisition of Gamesys Group. | Bally's Intralot | $2.9B | 3.9x | |
Sep-25 | PrizePicks | | PrizePicks is a leading daily fantasy sports operator in North America, specializing in real-money over/under prop bets on player performances. Atlanta-headquartered, the platform covers NFL, NBA, MLB, NHL, esports, and more across 30-plus states where sports betting remains restricted. Partnerships include the Atlanta Braves, Miami Marlins, and Charlotte Hornets for promotions and jersey patches. Launched in 2018 as part of Performance Predictions, PrizePicks reaches over 60 percent of the U.S. population digitally via prizepicks.com, iOS, and Android apps, positioning it as a primary alternative to full sports wagering in markets like California, Texas, and Florida. | Allwyn | $2.5B | - | |
Feb-26 | Sanity Group |  | Sanity Group is a Berlin-headquartered producer of cannabinoid-infused wellness products across Europe, emphasizing non-psychoactive CBD formulations for health and relaxation. It manufactures oils, cosmetics, beverages and supplements under its own labels, distributed in Germany, Czech Republic, Poland and Austria via pharmacies, health stores and online platforms. Founded in 2018, the company invests in clinical research partnerships with universities like Charles University, achieving B Corp certification and expanding production capacity to 500,000 units annually by 2023. | Organigram Global | $295M | 4.9x | |
Oct-25 | Railbird | | Railbird is a Chicago-headquartered prediction market exchange pursuing CFTC regulation for event contracts on economic, community, and hobby outcomes. The platform enables retail traders and businesses to speculate or hedge risks from elections to weather events using cash-settled derivatives. Railbird lists markets on quarterly GDP releases and sports milestones, providing liquidity via automated market makers. Launched in 2023, it targets underserved non-financial events for risk management. | DraftKings | $229M | - | |
Jun-25 | Deep Roots Harvest | | Deep Roots Harvest is a Nevada-based cannabis producer specializing in high-quality, sustainably grown strains for medical and recreational markets using advanced cultivation methods. | Vireo Growth | $133M | - | |
Jul-25 | Lucky Bet | | Lucky Bet is a Curaçao-licensed online gambling platform offering slots from NetEnt and Microgaming alongside table games like blackjack and roulette. The sportsbook covers soccer leagues including Premier League and Champions League, plus American sports like NFL. Live casino streams feature Evolution Gaming dealers for baccarat and game shows. Launched in 2020, it operates from Costa Rica with fiat and crypto deposits, plus a VIP program granting cashback and free spins. | Apple iSports Group | $125M | 2.8x | |
Jun-25 | Proper Brands | | Proper Brands is a California-based cannabis company producing medical marijuana products such as flower, edibles, and concentrates. The brand distributes through licensed dispensaries in recreational and medical markets. | Vireo Growth | $102M | - | |
Dec-25 | MTL Cannabis |  | MTL Cannabis Corp. is a Quebec-based licensed producer of premium cannabis products for Canada's recreational market. From its Montreal facility, the company employs proprietary hydroponic cultivation alongside handcrafted methods to create dried flower, pre-rolls, and hash. Distributed via provincial boards under brands MTL Cannabis, Low Key by MTL, and R’belle, these products also reach regulated international markets through dedicated export channels. | Canopy Growth | $93M | 1.5x | |
Jul-25 | WHOW Games | | WHOW Games publishes free-to-play social casino apps including MyJackpot, Lounge777, and licensed titles like Merkur24. Available on web and mobile, the platforms incorporate slots, table games, social donations, and community chats. Hamburg-headquartered WHOW emphasizes web-to-app transitions and cross-promotions to engage millions of players across Europe. | DoubleDown Interactive | $64M | 1.4x | |
Aug-25 | Remexian Pharma | | Remexian Pharma is a Dutch pharmaceutical wholesaler specializing in medical cannabis import and distribution. Based in Oosterhout, it prioritizes short supply chains for rapid delivery to pharmacies and clinics across Europe. The company emphasizes sustainability in logistics while supplying various cannabis-based medications. | High Tide | $56M | 0.8x | |
Aug-25 | kammelna |  | Kammelna is an online card game platform popular in the Kingdom of Saudi Arabia, featuring multiplayer gameplay and tournaments. The Riyadh-based service offers various card game modes with in-app purchases and leaderboards for competitive players across the region. | Impact46 | $53M | - | |
Dec-25 | Eaze | | Eaze is a San Francisco-headquartered online cannabis marketplace offering delivery services in California, Michigan, and Ontario. Launched in 2014, the platform connects licensed dispensaries with consumers via an app, processing over $1 billion in annual orders. It provides real-time inventory, express delivery within 30 minutes in select markets, and compliance tools for retailers amid state-legal markets. | Vireo Growth | $47M | 0.4x |
Most active buyers of ViceTech companies
Vireo Growth, DraftKings and Allwyn are the most active acquirers of ViceTech companies in the last three years.
See all ViceTech acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Vireo Growth | | Vireo Growth Inc is a cannabis company whose mission is to provide safe access, quality products, and value to its customers while supporting its local communities through active participation and restorative justice programs. The company's operating results in one business segment: the cultivation, production, and sale of cannabis. | FLUENTEazeDeep Roots Harvest+2 | 5 | |
DraftKings | | DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number-two or -three revenue share position across states where it competes. DraftKings is now live with online or retail sports betting in 28 states and i-gaming in 5 states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company plans to launch a predictive event platform in late 2025 and also operates a non-fungible token commission-based marketplace and develops and licenses online gaming products. | RailbirdSimplebetSports IQ Analytics+1 | 4 | |
Allwyn |  | Allwyn AG, formerly known as OPAP Holding SA, is a gambling company that operates lotteries and sports betting, including horse races. The company is the exclusive gambling provider in Greece. The firm is organized into segments based on the type of game: Lotteries, Betting, Online betting, Other online games, Instant and Passives, VLTs, Telecommunication and eMoney services. It generates the majority of its revenue from the Lotteries segment. The gaming services are provided either online or through physical retailers. The company generates the vast majority of its revenue in Greece. | PrizePicksNovibetInstant Win Gaming+1 | 3 | |
High Tide | | High Tide Inc is a downstream-focused retailer of cannabis products, distributor, and seller of smoking accessories and cannabis lifestyle products. It is a vertically integrated company in the Canadian cannabis market with various brands in its portfolio such as Canna Cabana, Fastendr, Queen of Bud, Grasscity, Daily High Club, and others. The company's reportable operating segments are: Bricks and mortar, which generates maximum revenue, and E-commerce. Geographically, it derives maximum revenue from its business in Canada, followed by the United States of America, and other international markets. | Remexian PharmaPurecanQueen of Bud | 3 | |
Flutter Entertainment | | In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK and Ireland, Australia, Italy, and many other countries. Some of its leading brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power beginning in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2024, the company offered products in over 100 countries and had 13.9 million average monthly users. In 2024, sports betting was 56% of revenue, online gaming 40%, and fantasy sports, horse racing, and other 4%. The company is scheduled to launch a predictive sports betting platform in late 2025. | SnaitechNSX GroupMaxBet | 3 | |
Innovia Consulting | | Innovia Consulting is a Denver-based firm specializing in Microsoft Dynamics NAV implementation and consulting for mid-sized businesses. Services include ERP customization, integration, training, and support to optimize financial, supply chain, and operational processes. Clients across manufacturing, distribution, and services sectors leverage its expertise for streamlined Microsoft Dynamics deployments. | 365 Cannabis365 VerticalLloyd Business IT Solutions | 2 | |
AIQ (Alpine IQ) | | AIQ is a Boulder, Colorado-headquartered provider of customer loyalty and marketing tools founded in 2019 for the cannabis industry. The platform ensures multi-state compliance for data management, powering loyalty programs, mobile apps, SMS automation, POS integrations, and referral systems. Integrated with third-party dispensary software, AIQ serves over 1,000 retailers across North America. | TerpliDispenseHappy Marketers | 2 | |
Apollo Global Management | | Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients. | International Game TechnologyEveri HoldingsNoble Environmental+2 | 2 | |
Organigram Global | | Organigram Global Inc is a licensed cultivator of cannabis and manufacturer of cannabis-derived goods in Canada. It is is focused on producing high-quality cannabis for adult recreational consumers. It has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Tremblant Cannabis, Trailblazer, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac-Superieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. | Sanity GroupMotif LabsLaurentian Organic | 2 | |
Canopy Growth | | Canopy Growth Corp, cultivates and sells medicinal and recreational cannabis and hemp through a portfolio of brands that include Doja, LivRelief, Ace Valley, Deep Space, and others. The Company is engaged in reportable segments namely: Canada cannabis, International markets cannabis, Storz & Bickel, and This Works. The company generates maximum revenue from Canadian cannabis. | MTL CannabisJetty ExtractsWana Brands | 2 |
Founders and investors we've worked with
We've supported winning builders across ViceTech and beyond.
Pure
We provided buy-side advice to Russmedia on its acquisition of Pure, a London-based casual online dating platform, supporting commercial diligence and deal execution.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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