Fri, 21 Oct 2016 | BUSINESS SALE
Online gaming firm Playtech has acquired ECM Systems, a provider of software to the UK retail bingo market, in a deal worth around £15 million.
ECM, which is based in Hull, works with well-known bingo clients including Gala Leisure and Mecca Bingo. The firm posted £9.1 million in revenues for the fiscal year 2016.
FTSE 250-listed Playtech, headquartered on the Isle of Man, provides software for a range of online gambling platforms, including casinos, poker rooms, sports betting and scratch games.
Playtech will pay about £14.9 million for a 90 per cent stake in ECM, with the remaining ten per cent staying with Allen Richardson, who will remain as ECM’s chief executive officer for the next three years.
The acquisition is part of Playtech’s strategy to move further into the bingo sector. The company’s board said ECM was “highly regarded” within the bingo industry, praising its range of products as being “instrumental” to the daily running of retail bingo in the UK and the Republic of Ireland.
Mor Weizer, 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."
Earlier this year Playtech paid €138 million (£122 million) for Vienna-based Best Gaming Technology, which provides sports betting software for a range of firms including Betfred, Coral, Paddy Power and William Hill.
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