Home » OCW News » January 2012 » Playtech to Buy Geneity Limited Software Firm

Playtech to Buy Geneity Limited Software Firm

Date published: 26 January 2012

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Leading online gambling software developer Playtech announced this week that it intends to buy London-based online lottery and sportsbook software provider Geneity Limited, in a deal worth an estimated £15 million.

LSE-listed Playtech has been on a big shopping spree of late, considering how last month it bought large betting and interactive games developer Ash Gaming for £23 million, and is now eager to get its hands on a reputable sportsbook platform developer in the form of Geneity.

Playtech to Buy Geneity Limited for £15 million

According to reports, Playtech has agreed to acquire Geneity Limited for £11 million in cash upfront - subject to working capital requirements - with an additional £4 million payable in due course provided Geneity makes good on certain deliverables.

Said Playtech CEO, Mor Weizer, 'Over the past year the pace of change in the sportsbook segment has led us to believe that we needed to acquire experienced developers to immediately give us a market-leading capability.

'As such, Geneity will deliver a range of features key to Playtech's sportsbook such as in-play betting and a broader range of sports on which to wager. Sportsbooks are often the prime entry point for companies into online gaming,' he said.

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When it comes to its current client base, Geneity is certainly no slouch as its client base includes UK land and online betting and gambling powerhouses Ladbrokes, Betfair and Gala Coral Group. Geneity's robust and reliable lottery services are currently being used by the Health Lottery.

In terms of profitability, for the year to the end of March, Geneity recorded unaudited revenues of more than £2.3 million, along with profits of £820,000 before tax.

Playtech After Geneity's Sportsbetting Platform

Said Geneity MD, Will Slater, 'Geneity is delighted to be joining the Playtech family, as the synergies between the respective companies and products are very strong. It's very exciting to be able to offer our sportsbetting platform to a wider audience alongside Playtech's existing best-of-breed products.

'At Geneity we've created a highly advanced sportsbetting platform with integrated in-play algorithms, per channel pricing and a scalable and modular architecture,' he said.