London listed gaming and monetary trade large Playtech (LSE: PTEC) has simply introduced the acquisition of Eyecon, a specialist provider of on-line gaming slots software program, for a most whole consideration of £50 million.
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Eyecon has a selected concentrate on bingo with a longtime portfolio of over 70 video games, together with the favored ‘Fluffy Favourites’. Eyecon at the moment derives virtually all of its income from the UK market and virtually all of its revenues are totally regulated.
Eyecon has additionally developed its personal Distant Gaming Server (RGS) which allows it to distribute its content material direct to operators and by way of distributors, reminiscent of 888 Holdings plc and Advantage Fusion, Playtech’s bingo community. Playtech says this will strengthen the penetration of its personal Advantage Fusion providing.
In line with the deal, the utmost consideration of £50 million includes an preliminary cost of £25 million on a money free/debt free foundation. A further consideration of as much as £25 million is payable on an earn-out foundation of six instances Eyecon’s EBITDA within the interval to June 2019 much less the preliminary cost.
Mor Weizer, Chief Government Officer of Playtech, mentioned: “We’re delighted to proceed the execution of our acquisition technique by welcoming Eyecon to the Playtech Group. Eyecon provides premium high quality video games to Playtech’s secure of trade main content material. We stay up for working with the Eyecon crew who will carry sturdy know-how and additional trade experience to the Playtech household.
This acquisition is the most recent in our technique to accumulate bolt-on know-how and content material in our key gaming markets, offering Playtech with even higher penetration and attain, in addition to bringing extra regulated revenues to Playtech.”
In an effort to help in retaining the Eyecon crew, its founder Scott Murray has dedicated to stay with the enterprise for a minimum of three years. He mentioned: “I’m delighted that Eyecon will probably be becoming a member of into the Playtech household. Integrating Eyecon’s specialist video games and software program with Playtech’s distribution energy will enable us to penetrate new markets and retain our normal of finest in school content material.
I wish to categorical my gratitude to the numerous proficient individuals who have labored so laborious during the last 20 years to make Eyecon a hit. We stay up for constructing upon Eyecon’s repute for delivering gaming excellence and taking the following step in growth with Playtech.”