The online gaming software provider, Playtech, has agreed to acquire Gaming Technology Solutions for up to EUR32.4M.
Playtech will pay an initial amount of approximately EUR10.8M plus up to EUR21.6m depending on the profitability of the Gaming Technology Solutions business over a period of the next two years.
Gaming Technology Solutions is based in Ipswich and is a provider of gaming solutions to most of the well established gaming companies in Europe.
“We are delighted to welcome the GTS team, which will enhance our capabilities in an important complementary product area by bringing a sophisticated technology platform and a portfolio of top quality games as well as suite of new clients,” said Mor Weizer, Chief Executive Officer for Playtech.
“The success of the games sections in sportsbetting operators’ sites is evident and this deal will give Playtech greater exposure to what is one of the fastest growing industry segments. GTS has among its licensee base many of the most well established European sportsbetting operators and we look forward to developing closer ties with them.”
Playtech stated that the acquisition would produce a vast games selection library for operators of both casino and soft games. “Our strategy is very much in line with Playtech’s; to be the recognised market leader as a dedicated business-to-business software provider,” said Steven Matsell, Business Development Director for GTS.
This deal will underpin the growth of the platform and we very much look forward to the future as part of the Playtech team.
It has been revealed that in the 12 months to June, 2009, Gaming Technology Solutions recorded revenues of 2.6m and adjusted PBT of 0.3m, before amortization of intangibles of 1.8m.