Fri, 14 Jan 2011 | MBO/MBI
The gambling technology group OpenBet is readying to change ownership in a £20 million management buy-out deal backed by Vitruvian Partners.
Vitruvian is to purchase OpenBet (formerly Orbis Technology Ltd) from NDS, which is the technology provider to the pay-TV market owned by News Corporation and Permira funds.
David Loveday, OpenBet’s chief executive, is leading the MBO, which is subject to regulatory approvals.
Established in 1996, OpenBet is a leading provider of interactive gaming and betting solutions, and has clients including William Hill, Betfair and Ladbrokes. The platform OpenBet provides enable players to use different languages and currencies in the games.
The betting industry is not novel to Vitruvian, which bought Inspired Gaming last year for £74.4 million.
It is thought the deal will fuel rumours that Vitruvian will make plans to merge OpenBet with Inspired Gaming, which supplies software for bookies’ fixed-odds betting terminals.
OpenBet’s customers, including Ralph Topping chief executive at William Hill, have given their support to the deal. Mr Topping said Vitruvian’s involvement in the deal was “a fantastic opportunity for OpenBet to further their development”.
OpenBet anticipates that the deal will enable business expansion overseas and create new opportunities.
Loveday commented: “This transaction will help ensure that OpenBet remains at the forefront of online and retail technology for the gaming industry both in terms of the solutions if offers and services.”
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