Playtech Diversifies its Portfolio by Acquiring Bingo Business
Gambling giant Playtech has agreed to pay approximately £14.9 million (€16.7 million / $18.2 million) for 90% of the issued share capital of ECM Systems, a UK-facing bingo software and hardware solution company.
ECM posted revenues of £9.1 million and an adjusted EBITDA of £4.5 million during the 2016 financial year and has major clients such as Mecca Bingo and Gala Leisure among its high-profile customers. ECM has an extensive range of products that are instrumental to the daily operation of retail bingo in the United Kingdom and Ireland, but in the last few years have invested into its digital strategy, something that Playtech is a leader in.
Speaking of the acquisition, Mor Weizer, the Chief Executive of Playtech, said: “ECM has a leading position within the bingo hall sector, including its extensive range of handheld devices that enable players to enjoy a digital experience within a familiar 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.”
Playtech is a company keen to keep its business portfolio diverse. In late July 2016, Playtech bought 90% of Best Gaming Technology for a fee of €138 million, although it pulled out of takeovers for financial companies Plus500 (£460 million) and Ava Trade ($105 million) after the Financial Conduct Authority refused to sanction the deals.
In recent times, the owners of the iPoker Network have purchased Aristocrat Lotteries for €10.5 million, become Sky Bet’s Live Dealer provider, launched a sports betting app for the Apple Watch, and were heavily linked with takeovers for bwin.party and Amaya.
Deal Signed With Warner Bros.
Playtech also announced it has struck a deal with Warner Bros. Consumer Products allowing it to launch a series of special slots. Six new titles are set to be available featuring superheroes and comic book villains including Batman, Catwoman, Superman, The Joker, and Green Lantern.