Lottery Partner Pollard Banknote Acquires Digital Product Provider mkodoDecember 20, 2019 Jessica Whitehouse
Global lottery partner Pollard Banknote on the 4th of December 2019 announced that it had agreed to acquire app and digital product provider mkodo in a deal estimated to be worth £7.8m. Pollard Banknote has partnered with more than 60 lotteries across different corners of the globe. The firm provides instant ticket products, licensed games, Schafer Systems and Fastrak merchandising solutions, and a full site of digital offerings. The acquisition will see the firm smoothen its operations and offer a wider range of services.
The initially estimated purchase price does not take into account standard working capital adjustments and other potential earn-out payments tailored to mkodo meeting future EBITDA targets. According to reports at the time of writing, the deal is far from being sealed and its completion is subject to certain regulatory and third-party approvals.
A Great Cultural Fit
“We are excited to join the team at Pollard Banknote. We look forward to expanding our reach in the gaming industry thanks to our new colleagues” remarked Stuart Godfree, co-founder of mkodo. The co-founder sees the collaboration as a great cultural fit for the two organizations. He opined that the collaboration would take mkodo to greater heights. “Joining a leading lottery partner will allow mkodo to take the next step in its ongoing evolution as a supplier of mobile lottery solutions globally,” Mr. Stuart added.
“We have grown mkodo organically for close to two decades into a market leading technology partner in the betting, gaming, and lotteries industries” fellow mkodo co-founder Sue Yoxall remarked. Both co-founders acknowledged that Pollard Banknote is the perfect fit for mkodo at this stage of its development. Pollard has the longevity of experience and excellence in product range that is hard to come across in the betting and gaming industries. The company also has an understanding of the value of their team members and partner relationships.
“We believe that together we will be able to leverage our complementary capabilities and bring innovative and exciting digital products and applications the global lottery scene.” added Sue Yoxall.
The Stars Group Acquires 20 Per Cent Interest of BetEasy
In other reports, the Stars Group announced that it has agreed with minority stakeholders of Australian-based sports betting business BetEasy to acquire the remaining 20 percent interest in the company. The reported agreement is estimated to be worth AU$151m. As part of the agreement, the Stars Group will have to pay $100m to settle a previously disclosed performance payment under the initial 80 percent interest acquisition in 2018.
“I am delighted to reach this agreement for our BetEasy business” remarked Stars Group CEO, Rafi Ashkenazi. BetEasy was launched in 2018 through acquisitions of CrownBet and William Hill Australia and it has since grown to become a leading betting operator in Australia. The acquisition will increase the Stars Group’s exposure to a rapidly growing and highly regulated market. The acquisition is expected to be complete within 90 days. The full acquisition will be subject to either the issuance of the Stars Group’s audited financial statements for the year ending December 31st 2020, or the completion of all the share combinations of the Stars Group with Flutter entertainment. It is also reported that the purchase price will be settled in cash unless it follows the combination and in which case Flutter may choose to settle the agreement in cash.