The world’s leading gaming software and services developer Playtech announced the acquisition of all shares of Eyecon Limited and Evecon Pty. Ltd.
The Chief Executive Officer of Playtech Mor Weizer said that everyone at the company were very pleased with the takeover deal and the overall acquisition strategy of Playtech, so that they gladly welcomed the team of Eyecon to Playtech’s family. According to him, the purchase of the online slots software developer would add first-class products to Playtech’s portfolio, so everyone at the Isle of Man-based company were impatient to start working with the Eyecon team.
After praising the robust technology and professional expertise that the Australian brand was expected to bring to Playtech, Mr. Weizer revealed that the takeover was the last one in Playtech’s acquisition strategy aimed at purchasing only first-class gaming technology and content in the company’s core markets. The strategy was aimed at consolidating the company’s presence and expanding its reach in order to increasing the revenue Playtech got from its regulated markets.
The maximum total consideration for the takeover of the online gaming slots software supplier amounts to £50 million, as revealed by Playtech. The initial payment to be made for the acquisition amounts to £25 million on a cash free/debt free basis. The remaining part of the consideration – another £25 million – is to become payable under certain requirements – reaching a earn-out basis of six times the EBITDA generated by Eyecon in the period to June 2019.
As Playtech has been focused on making the transition of Eyecon operations to its assets smoother and easier, the founder of the Australian company Scott Murray is planned to remain on top of the brand for no less than three years after the deal is finalised.
Established in 1997 in Australia, Eyecon has managed to turn into one of the leading software suppliers, keeping its primary focus on bingo customers. Currently, the company’s portfolio consists of more than 70 games, including some leading slot gaming content such as the “Fluffy Favourites”, for example. In addition, the brand has developed a Remote Gaming Server (RGS) which provides it with the opportunity to offer its gaming content directly to gambling operators.
Up to date, almost the entire revenue of Eyecon is generated from the UK market, which perfectly fits the overall strategy of Playtech. What is more, the current gaming portfolio of Eyecon would boost the suite of games offered by Playtech, strengthening the latter’s position as a leading content provider in the regulated market of the UK.
The Founder of Eyecon – Scott Murray – also commented on the acquisition, saying he was very delighted with the fact that Eyecon would join the family of Playtech. Mr. Murray also expressed his surety that the takeover would bring benefit to Eyecon, as the distribution power of Playtech would allow the Australian brand to reach new markets with its games and gaming software.
The company’s founder also expressed his gratitude to the entire team of Eyecon and added that everyone there were impatient to proceed to the next step of the company’s development with Playtech’s help.
- Author
Olivia Cole
