This story was published more than 7 years ago.
Internet betting giant Playtech has announced that they've struck a deal to purchase Australian betting developer Eyecon for £50 million.
The deal will see €25 million in cash, with an additional £25 million payment possible in June 2019 if the company's earnings meet expectations. Eyecon has put out 70 different games since its launch in 1997, with most of its titles focusing on bingo revenues. The largest market for the group is the United Kingdom, where nearly all of Eyecon's revenues hail from.
Commenting on the agreement Playtech CEO Mor Weizer said, "Eyecon adds premium quality games to Playtech's stable of industry leading content. We look forward to working with the Eyecon team who will bring robust technology and further industry expertise to the Playtech family. This acquisition is the latest in our strategy to acquire bolt-on technology and content in our key gaming markets, providing Playtech with even greater penetration and reach, as well as bringing additional regulated revenues to Playtech."
Eyecon founder Scott Murray also commented on the deal, noting: "Integrating Eyecon's specialist games and software with Playtech's distribution power will allow us to penetrate new markets and retain our standard of best in class content."
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Comments
I'm not too familiar with Eyecon products but obviously Playtech company saw a big potential there if they're ready to spent that huge amount, it's a deal that targeting of strengthen Playtech positions in UK I guess.
I love reading these quotes from company executives that try to embellish everything they do with meaningless buzzwords and bullshit...
"our strategy to acquire bolt-on technology"
"penetrate new markets and retain our standard of best in class content"
Apparently both these guys think the other is going to provide them with greater "penetration". I can't believe they missed the opportunity to shoehorn the word "synergy" in there somewhere.
sharpe
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That's a synergy cost £50 Million Ed 😉
Yes, they are much like the politicians, speaking a lot but don't saying anything reasonable in fact.
God I hate the buzzwords. The big one with synergy when I was interning places and going to college was "1+1=3". Still makes me roll my eyes every time I hear it.
sharpe