Acquisition sees ECM valued at £16.5m and gives PTEC a 90% stake
Companies: Playtech PLC
Gambling software specialist Playtech
plc (LSE: PTEC) announced this morning that
it has acquired Bingo software and hardware provider ECM for c.£14.9m in a move
that will further cement its position as a market leader in the online gambling
industry.
The ECM acquisition puts Playtech in
the unique position of being able to provide Bingo specialists omni-channel
retail and online operations, and a platform to supply Playtech content.
Who are ECM?
ECM supplies software and support
services to the UK retail bingo market, including the largest operators Gala
Leisure and Mecca Bingo, as well as other leading independent bingo operators.
The company reported £9.1m in revenues
in FY16, with adj EBITDA of £4.5m, and Playtech confirmed it will pay £14.9m
for 90% of ECM's issued share capital, with the last 10% held by current CEO
Allen Richardson.
The last few years have seen the firm
invest heavily in its digital strategy, and as a result it is now the leading
provider and licensor of digital bingo software for Electronic Bingo Terminals
(EBT).
CEO Mor Weizer said ECM had secured a
leading position within the bingo sector with its range of handheld devices
giving players the chance to enjoy a digital experience within a retail
environment:
"This is a significant step in strengthening and expanding our Playtech ONE offering within the bingo sector and we look forward to working with Allen and the whole ECM team."
