Playtech plc
('Playtech' or 'the Company')
Acquisition of Eyecon
Playtech (LSE: PTEC) today announces the acquisition of the entire issued share capital of Eyecon Limited and Eyecon Pty. Ltd (together "Eyecon"), a specialist supplier of online gaming slots software to an international customer base, for a maximum total consideration of £50 million.
Eyecon was founded in Brisbane, Australia in 1997 and is a specialist software supplier with a particular focus on bingo audiences with an established games portfolio of over 70 games, including the industry-leading soft gaming slot 'Fluffy Favourites.' Eyecon has also developed its own Remote Gaming Server (RGS) which enables it to distribute its content direct to operators and via distributors, such as 888 Holdings plc and Virtue Fusion, Playtech's bingo network.
Eyecon currently derives almost all its revenue from the UK market and in line with Playtech's acquisition strategy, almost all of Eyecon's revenues are fully regulated. The addition of Eyecon's content portfolio strengthens Playtech's position as the leading content provider in this key market. In addition, Eyecon's proprietary RGS and distribution network will strengthen the penetration of Playtech's Virtue Fusion offering.
The maximum consideration of £50m (c. EUR 58m) comprises an initial payment of £25m (c. EUR 29m) on a cash free / debt free basis, representing a multiple of c.8x Eyecon's current run-rate EBITDA. An additional consideration of up to £25m is payable on an earn-out basis of six times Eyecon's EBITDA in the period to June 2019 (subject to certain adjustments) less the initial payment.
In order to assist in retaining the knowledgeable and specialist Eyecon team, its founder Scott Murray, has committed to remain with the business for at least three years.
Mor Weizer, Chief Executive Officer of Playtech, said:
"We are delighted to continue the execution of our acquisition strategy by welcoming Eyecon to the Playtech Group. 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."
Scott Murray, founder of Eyecon, said:
"I am delighted that Eyecon will be joining into the Playtech family. 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.
I would like to express my gratitude to the many talented people who have worked so hard over the last 20 years to make Eyecon a success. We look forward to building upon Eyecon's reputation for delivering gaming excellence and taking the next step in development with Playtech."
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For further information, contact:
Playtech plc Mor Weizer, Chief Executive Officer Andrew Smith, Chief Financial Officer c/o Bell Pottinger James Newman, Head of Investor Relations |
+44 (0)20 3772 2500 +44 (0)1624 645954 |
Bell Pottinger David Rydell / Olly Scott |
+44 (0)20 3772 2500 |
About Playtech
Playtech is a market leader in the gambling and financial trading industries. Founded in 1999 and listed on the Main Market of the London Stock Exchange (LEI code: 21380068TTB6Z9ZEU548), Playtech has more than 5,000 employees in 13 countries.
Playtech is the gambling industry's leading software and services supplier with more than 130 licensees globally, including many of the world's leading regulated online, retail and mobile operators, land-based casino groups, government sponsored entities such as lotteries, and new entrants opening operations in newly-regulated markets. Its business intelligence-driven gambling software offering includes casino, live casino, bingo, poker and sports betting.
It is the pioneer of omni-channel gambling which, through Playtech ONE, offers operators and their customers, a seamless, anytime, anywhere experience across any product, any channel (online, mobile, retail) and any device using a single account and single wallet. It provides marketing expertise, sophisticated CRM solutions and other services for operators seeking a full turnkey solution.
Playtech's Financials division operates both on a B2C and B2B basis. Its B2C focused offering is an established and growing online CFDs broker, operating the brand markets.com. Its B2B offering includes the division's proprietary trading platform, CRM and back-office systems, as well as its liquidity technology platform which provides retail brokers with multi-asset execution, prime brokerage services, liquidity and complementary risk management tools.
www.playtech.com
