Thank you very much, and welcome to this Q4 and year-end report of 2021. My name is Robert Andersson, and I'm the CEO of Acroud since about two years. With me, I have Roderick Attard, who is our new CFO, and he will a bit later in the presentation introduce himself and go through some financial details. I will start off with the summary, and then I will try and describe the new Acroud, and then go over our key markets a little bit. It has been a very eventful quarter, and we have had focus on operational efficiency all the way through. First, let's look at some key figures. Our revenue exceeded EUR 6.5 million, while EBITDA was EUR 817 thousand, and this is offset by a one-off cost for our efficiency program.
This will though result in cost savings of about EUR 1.2 million in 2022. Profit before tax, we have a negative EUR 350,000, while NDCs were 32,300. If we look at the year total, we have revenue of almost EUR 25 million and an EBITDA of almost EUR 4.7 million. Profit before tax was EUR 719,000, and NDCs 133,000. If we look at some of the key events during Q4, we appointed Roderick Attard as the new CFO. The Dutch market opened on first of October, which is something that we are excited about and something that has historically been a very important market for us. I will go through more details about that later.
We launched an efficiency program that is aimed to both increase revenue growth but also EBITDA growth. We did lay off some 20 people. This is predominantly due to the fact we are becoming a lot more efficient, and our software allows us to do more with less people simply. This is a proof that our strategy has really been working. Our revenue development has been solid all the way through the year. Our EBITDA levels have not really followed suit, but that is due to investment in future growth that we have been deciding to take during this year that we will see the fruits of in 2022. I'm very positive about the coming year.
Let's look into Acroud a little bit more because what we have done during last year is really rebuild the company in its core with the acquisitions and the integrations we have done. What we now have is a diversified and intelligent approach to our business. We do have the classical affiliate part, where it's basically our legacy and our history. We have now added the SaaS offering. We have a very, very strong content production, and we have a live part of our business as well. In a nutshell, we are a global challenger, with strong digital brands in multiple verticals, and we are fiercely independent and fully integrated with the idea to help users choose. Acroud is listed on First North. I guess that is no surprise to anyone listening to this.
To try and explain how we make money and how we drive traffic. Our classical part of the company is based on SEO, which means that we need to rank well within, predominantly Google. This obviously changed how you need to work with this through times of how Google then, judge your content and quality. Nowadays, the focus is a lot on user experience. We have had to rebuild our SEO strategy, in 2021 in order to start seeing growth again because it was a bit outdated, and we have had to take really heavy investments into this.
We are seeing that it's starting to pay off now, and we have seen some amazing growth on the sites where we have applied this new strategy, and we are rolling it out across the board on all our properties now. It looks very well for 2022. We are working with advertisement networks and building strong partnerships there in our SaaS segment. We have media and PPC buying in-house, where we work on CPA and revenue models, as well as working with media house partnerships. We have an initiative launch that we are calling Acroud Media, which means where we partner up with media houses, and we have done this in the Netherlands to start with. This then allows the media houses to utilize their media space for affiliate traffic.
Underneath this, we obviously also have our software, which is Voonix. Voonix generates revenue in itself because it solves a problem for many, many affiliates. However, obviously, we are also using it ourselves, as a base for all of our other activities. If we look at our portfolio of brands that we then have running in these different aspects of the business that I just described, we have The Gambling Cabin and The Festival Series, which is live events as well as content production. In the affiliate segment, we have a lot of different brands. Some brands, as you can see, are focused towards the casino part. We have poker brands, and then we have the sports betting brands. In the SaaS segment, we have different brands solving these different problems basically for our business-to-business partners. For example, Dream Streams.
If you are a streamer and you have a popular stream, and you want to improve your revenue generation or, for that matter, just start to make revenue, you can sign up to this affiliate network, and you can funnel your traffic through Dream. Streams and get access to really, really strong deals, and we will manage everything for you. It's an easy way to get going or to increase your revenue if you're a streamer. It's something that's been growing quite well. We have Voonix, one of the real diamonds and gems in our offering. It's a really sophisticated system to track your revenue and gather intelligence about where you make your money and how you can make more money.
It's solving really a central problem for all affiliates because this is integrated with so many operators, and you can just so quickly track your revenues instead of integrating with 150 different operators yourself. This is something that has been offered predominantly to small and medium enterprises before, but we are seeing a lot of interest from large enterprises now in the affiliate industry, which is something we are all very excited about. Matching Visions. Another part of the business is here we aggregate affiliate traffic, basically. We basically provide business opportunities for smaller affiliates. We work with over 1,000 affiliates, and we basically aggregate their traffic via our channels, and we negotiate really strong deals with the operators.
We have a negotiation power that the smaller affiliates don't have in themselves, and this way we can offer them better deals than they could basically get themselves from the operator. Obviously, for the operator, this is very easy because they only need to work with us to get access to about 1,000 affiliates, and we guarantee the quality of this traffic, and we also guarantee that it's compliant. We have The Gambling Cabin. This is probably the strongest content production we have, and I would say one of the best in Sweden at what they do, where you have podcasts, you have video casts, you can watch poker, you can get access to a lot of information, whether, you know, it's about, you know, Stryktipset and all of these things.
The Gambling Cabin's largest partner is Svenska Spel, and I think that says a lot about the quality of the services offered. We have The Festival. The Festival is a live event where you have a tournament. It is mostly a poker event, but you have other competitive aspects of it, such as competitive sports betting, et cetera. What this does is blend the offline and online gambling, where we also get the opportunity to produce really, really strong content in conjunction with our partners and drive traffic to the online with the offline. This is something that is turning out to be really popular, and we are excited about the tour this year as well. Looking at some key markets, I just want to mention some, and then in particular, the Dutch market.
It's one of Europe's largest markets. It opened the first of October. We have had for a very long time strong presence and local knowledge. Obviously now it's been adapted so that we are fully compliant working with the partners. One thing to be said about the launch of the Dutch market is that it's been going a bit slower than we had hoped in Q4. This is predominantly due to the fact that there are so few licensed operators. At the moment, the market dynamics are not really there. As more and more operators come online with their licenses, we will see that once this turn into a really competitive landscape, it will become a very strong market for the affiliate. Basically, to have ourselves set up for success, we have launched The Gambling Cabin in the Netherlands.
We have taken the format of The Gambling Cabin in Sweden and basically applied that in the Netherlands with local profiles within sports betting and poker, et cetera. In the Netherlands, we have also partnered with one of the largest media houses. Sadly, I cannot disclose which media partner that is, but we will be able to do so a little bit later down the line. What we have also done is that we are setting up a Dutch affiliate network within Matching Visions solely focused on the Dutch market. This allows all the other operators and the operators as well as smaller affiliates to then get access to really strong deals within the Dutch market and thus also becoming a really strong player there.
Looking at the U.S., we are continuing to acquire licenses where needed and continue to basically build that as a base. We have presence in the U.S. already, but 2022, we will see an increase in our presence there. We have acquired some really good domains during last year, and this is something that we expect to see growth from also this year. With that, I will now hand over to Roderick. So off you go.
Thank you, Robert. By way of a short introduction, I'm Roderick. I have been working with Acroud for the past four and a half years. I joined as a financial controller, then got promoted to head of finance, and now I'm having this new role since November. Before that, I used to work at KPMG, where I spent 7 years auditing mainly iGaming and affiliate entities. With that short introduction, we jump straight into the financial figures. Starting off with revenue, where we have seen an increase year-on-year of 162%, driven by acquisitions. We'll come to that in the next slides. This is also showing strong year-on-year growth, amounting to 187% driven by acquisitions, but we also see strong growth within the iGaming affiliation business.
Focusing, specifically on revenue, here we're comparing Q4 this year against last year. We see the growth is driven mainly by the introduction of the SaaS business through the acquisition of PMG. We also see year-on-year increase in poker and sports betting revenues, and that's mainly coming from internal growth initiatives as well as the acquisition of The Gambling Cabin. On the other hand, we see year-on-year decrease in casino revenues, and that's the effect of the company's adjustments in its products within the Dutch market. Switching our focus on the cost base. Here we're comparing Q3 against Q4. We see an increase in external costs, and that's driven by the further investments in growth initiatives. This increase has been partly set off against the decrease in personnel costs and capitalized work.
In November, we have launched an efficiency program, as Robert said, which will lower the cost base by EUR 1.2 million during 2022. Switching to EBITDA. In Q4, we had an EBITDA of EUR 1,062 at group level compared to EUR 1,023 last year. Since January, we're operating with two business lines. We have the affiliate traditional affiliate business, and then we have also the SaaS business. Those two businesses have different risks but also different margins. During Q4, the affiliate business operated at an EBITDA margin of 37%, whereas the SaaS business operated at an EBITDA margin of 6%. This explains why year-on-year, EBITDA has increased by 4% compared to the increase of 162% in revenues.
Moving on, now we're gonna focus on the iGaming affiliation business on its own, starting with revenue. We see a year-on-year growth of 8% driven by the acquisition of The Gambling Cabin. If we would exclude that, the affiliation business has had a negative organic growth of 11%, and that's driven by the company's adjustments in the Dutch market. This is on the right-hand side, we see year-on-year growth of 36%, which of course is nice to see. Next slide. We're also happy to see that almost 50% of our revenues are coming from revshare deals representing sticky revenues. In terms of geo-split, we see 16% of our revenues are coming from the North American region.
We also see that we remain very strong in Europe, where many countries have regulated their markets, hence guaranteeing more stable revenues in the future. In terms of EBITDA, the affiliation business generated just over EUR 1 million in EBITDA. The decrease in Q3 and Q4 represents the continued investments in growth initiatives for the future at the expense of short-term profitability. The efficiency plan focused mainly on the iGaming affiliation business, so that's where we're gonna see lower costs and higher margins during 2022. Switching our focus now on the SaaS business. We see revenue continued to increase quarter-over-quarter and also year-over-year, reaching EUR 3.8 million in Q4. Matching Visions have had its revenues increasing by 57% year-over-year. Voonix have had its revenues increasing year-over-year by 47%.
This is mainly coming from Matching Visions also showing strong year-on-year growth amounting to 31%. Moving on now to EBITDA, during Q4 amounted to EUR 247 from the SaaS business. The decrease in Q4 is attributable to investments in growth initiatives as well as higher payouts to Matching Visions partners. We see that this segment will return operating at 10% of EBITDA margin in coming quarters. In terms of revenue-generating units, which represent the number of entities serviced by this business line, is also increasing quarter-on-quarter, which also show the same trend as we have seen in the revenue chart in previous slide. Moving on, now going back to the group or total picture. We see that our gross debt has continued to decrease quarter-on-quarter.
During 2020, we have repurchased part of our bonds. During 2021, we continued to amortize our bond, thus decreasing our debt and interest costs. We operate a business model with high cash conversion, thus allowing us to decrease our debt at a faster pace. The net debt to EBITDA in Q4 decreased slightly to 3.2. Moving on, last finance slide. In terms of cash flow, we see cash flow from operating activities excluding a one-off tax payment amounted to just over EUR 700,000. We're happy to see a strong cash conversion during Q4 amounting to 89%. Cash flow from financing activities mainly represented the adjustment in the purchase price of PMG Group, as well as continued investments in our products, particularly within the iGaming application.
In terms of cash flow from financing activities, that's mainly related to the amortization and interest payments relating to the bond. With that, I hand over back to Robert.
Thank you very much, Roderick. Some simple closing comments. With the reorganization and the efficiency program, we are moving even further towards a really modern organization, and we are adopting the way of working. I would say we are now starting to enter the new normal, where we are having a post-COVID reality, and I think this will actually be quite good for everyone involved. We have cost efficiency and focus. I think that is something we have really proven with the efficiency program in Q4. We are duplicating our success with our SEO strategy, and that will pay out now in 2022. Integration work has been heavy in 2021 with the acquisitions that we have made. It's taken energy and cost as well, but we will see the fruits of this now in 2022.
Shareholder value always in focus, obviously. With that, I just want to say that we are very positive for 2022, and with that, we are open for questions.
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Okay. Since there are no questions, we wrap this up. If you were to have any questions, please do email us and we'll try and get back to you if we can answer. Thank you very much. Thank you.